UPDATE: Sterne Agee Lowers PT on Abercrombie & Fitch from $38 to $34

Sterne Agee maintained a Neutral rating on Abercrombie & Fitch ANF and lowered its price target from $38 to $34. Sterne Agee wrote, “A day after we significantly lowered our estimates and price target on ANF, the company preannounced disappointing Q2 results and slashed FY12 guidance. The company said it will rein in international store expansion, which had previously been ANF's primary growth driver.” Abercrombie & Fitch closed at $34.02 on Wednesday.