Market Overview

UPDATE: Nomura Upgrades Abercrombie & Fitch to Buy Post Strong Quarter, Guidance

Share:
Related ANF
Abercrombie Earnings: What's The Street And The Crowd Expecting?
Wunderlich: Abercrombie Still A Sell
Taubman Centers: Can Revenues Grow on Higher Mall Stake? - Analyst Blog (Zacks)

Nomura raised its rating on Abercrombie & Fitch (NYSE: ANF) from Neutral to Buy and raised its rice target from $34 to $51.

Nomura said, "10 Reasons to Own ANF: (1) All int'l markets improved with the exception of the UK, (2) US comps +2% vs down 5% in 2Q, and US comparisons get 10 ppt easier in 4Q12, (3) Inventory down 10% (ex in-transit) and management plans to manage inventory below sales growth for the foreseeable future, (4) AUR down only slightly with int'l Hollisters up, (5) AUC benefit in 4Q greater than 3Q (and AUC still down through 1H13), (6) Beginning to flow more newness and increase breadth of assortment, (7) A new focus on accessories, a very underpenetrated category at ANF, (8) A continued focus on expenses including a detailed review that it will share on 4Q call, (9) Strong initial customer traction from new loyalty program, (10) Strong FCF (F13E of ~$400MM), a yield of 14% (even w/stock up today)."

Abercrombie & Fitch closed at $41.92 on Wednesday.

Latest Ratings for ANF

DateFirmActionFromTo
May 2015RBC CapitalInitiates Coverage onUnderperform
Apr 2015BB&T CapitalInitiates Coverage onHold
Apr 2015Guggenheim SecuritiesInitiates Coverage onNeutral

View More Analyst Ratings for ANF
View the Latest Analyst Ratings

Posted-In: NomuraAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (ANF)

Around the Web, We're Loving...