UPDATE: JP Morgan Lowers PT on Ann Taylor from $30 to $28

J.P. Morgan has published a research report on Ann Taylor Stores ANN lowering the price target by $2. In the report, J.P. Morgan wrote, "Most importantly, in our view, in an environment in which we are growing increasingly more accustomed to guide-downs and negative EPS revisions, ANN came out with roughly in-line 3Q guidance but a higher FY11 projection, which we currently project at $1.85 or better (the Street has since moved up to $1.86)." J.P. Morgan rated Ann Taylor a Neutral with a price target lowered from $30.00 to $28.00. Ann Taylor closed Tuesday at $24.00.