Market Overview

UPDATE: Sterne Agee Upgrades Abercrombie & Fitch to Buy on Strong Q3

Share:
Related ANF
Expect Downside Pressure In Retail Following Express' Big Whiff
The Struggle Is Real For Malls As Teen Retail Bankruptcies Pile Up
What One Hand Gives, The Other Takes Away (Seeking Alpha)

Sterne Agee raised its rating on Abercrombie & Fitch (NYSE: ANF) from Neutral to Buy and increased its price target from $37 to $54.

Sterne Agee commented, "We are upgrading ANF to Buy from Neutral, as we believe Q3 represents a turning point, with heightened fashion offerings, tighter inventory controls, the start of benefits of lower average costs and hints of major expense cuts to come. We are increasing our FY12-FY14 estimates to $3.04/$3.53/$4.13 from $2.43/$2.72/$3.35 and raising the target to $54 (15.3x FY13 and 13x FY14) from $37. Average forward-year P/E over the last 5 years was 17.8x. ANF stock is still 22% below prices reached in May."

Abercrombie & Fitch closed at $41.92 on Wednesday.

Latest Ratings for ANF

DateFirmActionFromTo
Jun 2016Deutsche BankUpgradesSellHold
May 2016SunTrust Robinson HumphreyMaintainsBuy
May 2016CitigroupMaintainsNeutral

View More Analyst Ratings for ANF
View the Latest Analyst Ratings

Posted-In: Sterne AgeeAnalyst Color Upgrades Intraday Update Analyst Ratings

 

Related Articles (ANF)

View Comments and Join the Discussion!