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BoA Upgrades AnnTaylor

Banc Of America upgrades AnnTaylor (ANN) to buy from neutral.

Analyst Dana Cohen says there are three likely scenarios, two that could create significant earnings and stock upside. First, making Kay Krill president, and adopting her management reconfiguration, and improve fundamentals.

Second, a change in senior management is predicated on a turnaround failing to occur, or the Board making changes given historical performance.

She assigns 2/3 probability to one of first two outcomes, which could results in a $42 stock price. She says a new $34 target, up from $23, also weighs a 1/3 chance of Scenario 3: status quo, with a risk the Loft division slows further and creates a downside $17 to $18.

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