Piper Jaffray downgrades Ann (ANN -3.5%) to Underperform, saying the parent of Ann Taylor and...

|By:, SA News Editor

Piper Jaffray downgrades Ann (ANN -3.5%) to Underperform, saying the parent of Ann Taylor and Loft stores is set to report a third consecutive miss on gross margin and potential "continued pressure in achieving gross-margin goals" for the balance of the year.