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UPDATE: Credit Suisse Upgrades Abercrombie & Fitch to Neutral on Increased Confidence

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Credit Suisse raised its rating on Abercrombie & Fitch (NYSE: ANF) from Underperform to Neutral and increased its price target from $32 to $46.

Credit Suisse said, "Abercrombie & Fitch reported 3Q12 earnings well ahead of our and consensus estimates (comps, sales, and EPS of -3%, $1,170M, $0.87, our model for -10%, $1,098M, and $0.58) as early results of management's turnaround efforts led to sequentially improving sales trends, gross margin improvement, and better than expected expense control. While we remain in the early stages of a turnaround, we have increased confidence in the likelihood of a longer-term earnings turnaround."

Abercrombie & Fitch closed at $41.92 on Wednesday.

Latest Ratings for ANF

DateFirmActionFromTo
Jun 2016Deutsche BankUpgradesSellHold
May 2016Morgan StanleyMaintainsUnderweight
May 2016Credit SuisseMaintainsUnderperform

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Posted-In: Credit SuisseAnalyst Color Upgrades Intraday Update Analyst Ratings

 

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