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