UPDATE: Piper Jaffray Lowers PT on Abercrombie & Fitch from $59 to $50.
Piper Jaffray reiterates an Overweight rating on Abercrombie & Fitch (NYSE: ANF) and lowers its price target from $59 to $50.
Piper Jaffray notes, “Having recently rolled into the comp base anniversarying its opening on May 19, 2011, we were encouraged to see that there were still lines in front of both the main entrance as well as at the cash wraps, particularly because we were there on a week day. While the French sale period was underway during our visit, A&F's Parisian flagship did not participate in any promotions. In fact, there were no key-item promotions or clearance activity. We believe this store's business trends remain strong and intact.”
Abercrombie & Fitch closed at $33.51 on Friday.
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