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Ann Taylor Stock Selloff "Misguided" -Jefferies

Investment house Jefferies said that the resignation of the COO at women's retailer Ann Taylor's (ANN) caused investors to oversell the stock today. Analyst Eliot Laurance said that investors who were selling on the resignation were "misguided."

However, he believes there may be a slight negative impact to fourth quarter earnings per share. Laurance doesn't see much upside potential to the stock until the company provides a near-term sales outlook and names a new president and COO.

He said the stock could make a move to the mid $30 range if February sales, as compared with the year ago sales figures, are positive. Laurance sees fiscal year 2001 EPS of $2.15 and 2002 EPS of $2.50. He has a hold rating and a 6 to 12 month price target of $30 on the stock.

Shares of Ann Taylor were down 2-13/16 at 26-1/2.

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