Market Overview

UPDATE: Piper Jaffray Upgrades Abercrombie & Fitch to Overweight on Brand Equity Stability

Related ANF
5 Stocks To Watch During Back-To-School Season
'Labor Day Sale On Abercrombie' After Lower Q2 Sales
Saying You're Sorry Doesn't Always Cut It, Unless You Mean It (Fox Business)

Piper Jaffray raised its rating on Abercrombie & Fitch (NYSE: ANF) from Neutral to Overweight and increased its price target from $33 to $40.

Piper Jaffray commented, "Brand share among teens has stabilized, alleviating a key concern to our prior thesis. Our upgrade may prove early; we think a pathway to business model recovery will extend over many, many quarters and a cycle of near-term estimate revisions is possible. We have reduced our FY14 EPS to $2.45, reflecting continued comp pressure and a basing of margins as inventory and cost rationalization efforts take hold. With stability in brand equity, we think investors can focus on scenarios for operating performance and apply a risk-revised multiple. … As the earnings trajectory is established and visibility improves, we think shares can trade higher from current levels."

Abercrombie & Fitch closed at $33.43 on Tuesday.

Latest Ratings for ANF

DateFirmActionFromTo
Sep 2014CitigroupMaintainsNeutral
Aug 2014Stifel NicolausUpgradesHoldBuy
Aug 2014WunderlichInitiates Coverage onBuy

View More Analyst Ratings for ANF
View the Latest Analyst Ratings

Posted-In: Piper JaffrayAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (ANF)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters