Abercrombie & Fitch Top Pick At Jefferies (ANF)

Jefferies & Co. has a Buy rating and a $85 price target on shares of Abercrombie & Fitch

. In a note to clients, Jefferies writes, "ANF hosted its first Analyst Day on 4/5/11. We were encouraged by management's positive tone, additional color on the accelerating int'l business (currently at a tipping point) and detail around the continued domestic turnaround. ANF remains our top pick for 2011. EPS Outlook Stronger Than Street Thought. We were impressed with the company putting a stake in the ground estimating EPS of $4.75 in '12 (FYE 1/'13) vs. cons of $3.97 which supports our view that Street numbers need to keep moving higher. For FYE 1/'12 Street EPS $2.90 vs. JEF $3.90. International Is A Big Big Deal. Today international revenues are ~20% of total but are expected to account for nearly half in a few years. Again the company put another stake in the ground with total sales goal of >$7.5B by 2015." Shares of ANF gained $6.40 yesterday to close at $65.57, a gain of 10.82%.