UPDATE: Piper Jaffray Lowers PT to $59 on Abercrombie & Fitch; Euro Concerns

Piper Jaffray cuts its price target from $60 to $59 on Abercrombie & Fitch

as it maintains shares at Overweight. Piper Jaffray notes, "European Macro Concerns Weigh On ANF Shares; Comp Trends In Europe Forecasted To Decline Mid-Teens: Despite a slightly better than anticipated Q1 EPS, trends in international markets (particularly in Europe) deteriorated in the first quarter relative to Q4. We believe these trends are mostly a result of a weakening macro environment. That said, we believe continued key-item pricing adjustments, the upcoming Olympics and the current fashion cycle should help traffic and conversion as we progress through the year. Mgmt's negative mid-teens European FY13 comp guidance assumes no improvement from the Q1 trend--despite easing comparisons in 2H." ANF closed at $39.50 on Wednesday.