UPDATE: Oppenheimer Raises PT to $52 on Abercrombie & Fitch Following Blowout Quarter
Oppenheimer reiterated its Outperform rating on Abercrombie & Fitch (NYSE: ANF) and raised its price target from $40 to $52.
Oppenheimer noted, "ANF's 3Q EPS of $0.87 topped Opco/consensus 0.61/$0.60E and $0.57 LY. Revenue growth/comps of 9%/(3.0)% significantly bettered 3%/(10)% expectations. We're also encouraged by controlled inventories (down 10% excl. in-transit) and anticipate even tighter controls in 4Q. ANF raised full-year EPS guidance to $2.85-$3.00 from $2.50-$2.75, which we believe could ultimately prove conservative. Raising our 4QE, FY12E and FY13E EPS to $1.92/$3.01/$3.80 from $1.70/$2.53/$3.16. … ANF remains one of the most compelling longer-term opportunities within specialty retail."
Abercrombie & Fitch closed at $31.18 on Tuesday.
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