UPDATE: Wedbush Upgrades Abercrombie & Fitch to Outperform on EPS Visibility and Valuation
Wedbush raised its rating on Abercrombie & Fitch (NYSE: ANF) from Neutral to Outperform and increased its price target from $30 to $45.
Wedbush commented, "We are upgrading shares of ANF to OUTPERFORM from NEUTRAL as we believe the company is nearing an inflection point with the stabilization of sales and margins aided by leaner inventories, shorter lead times, and the gradual rollout of improved product assortments in spring ‘13. Management noted that early Q3 trends are above Q2, which suggests H2 comp guidance of (10)% is at least achievable, if not possibly conservative."
Abercrombie & Fitch closed at $35.23 on Wednesday.
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