Citigroup raised its rating on Abercrombie & Fitch ANF from Sell to Neutral and increased its price target from $32 to $42.
Citigroup commented, "We do believe ANF has product, geographic, sector challenges ahead but EPS is now positioned to at least meet rather than miss 4Q, so we see limited near-term stock downside. Our view is that stock may persist at ~13x multiple in near-term. The Bear risk to our Neutral call is if mgmt is speaking too quickly before the turn as we do not yet notice greater or better product flow in-stores; also, average unit retails were slightly down in 3Q and ANF achieved 3Q without a substantial mix of improved product."
Abercrombie & Fitch closed at $39.80 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in