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UPDATE: JP Morgan Raises PT to $48 on Abercrombie & Fitch; Waiting on Comps Clarity

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JP Morgan reiterated its Neutral rating on Abercrombie & Fitch (NYSE: ANF) while raising its price target from $35 to $48.

JP Morgan commented, "After setting low enough expectations, ANF stepped over their low sales bar with a "less-worse” -3% comp decline and better-than-expected gross margins. With concerns over brand equity and the company's inability to stabilize comps heading into the print, shares saw a significant short squeeze and although we believe estimates will likely continue to increase and current levels may continue to prove attractive, we are choosing to remain sidelined as we await topline consistency around international trends (particularly in Europe), which represent 30% of sales and 30%-40% of operating profits and clarity around the turn."

Abercrombie & Fitch closed at $44.40 on Friday.

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
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