UPDATE: Piper Jaffray Raises PT to $46 on Abercrombie & Fitch on Q3 Beat, Guidance Raise

Piper Jaffray reiterated its Overweight rating on Abercrombie & Fitch ANF and raised its price target from $40 to $46. Piper Jaffray commented, "We are reiterating our Overweight view on ANF shares, even with shares trading higher today. The company detailed several initiatives to sustain momentum in the business into Q4 and 2013, which adds to confidence in the recovery of market share and profitability. We are encouraged that improvements are being driven by both sales and expense level strategies, and we think further refinements in merchandising and assortment planning and operating expense structure will augment leverage gains. We are flowing through the Q3 beat and are tweaking our Q4 estimate slightly." Abercrombie & Fitch closed at $39.70 on Tuesday.