UPDATE: Piper Jaffray Reiterates Abercrombie & Fitch at Overweight on International Market and Pricing Update

In a report published by Piper Jaffray, analyst Stephanie S. Wissink reiterated his Buy rating and $56 price target on Abercrombie & Fitch

Piper Jaffray reported that, “We are revisiting ANF as a top pick for 2013, following the sharp correction in shares post the company's FQ4 report. Our Fall 2012 upgrade was tied to both a general backdrop of favorability (apparel cycle & refined casual aesthetic) and improved merchandising and operational initiatives at the company. Upside to shares is likely tied to steady but more modest improvements domestically and a recovery in the international business. We have completed an update to our international pricing basket and quarter to-date domestic promotional analysis and have fresh perspective on the possibility of infrastructure cost rationalization and efficiency gains across the operating model. We think the outlook for FY14 is conservative and as such, we are raising estimates. We continue to stand by our $5/share in earnings power potential over the next 3 years.” Shares of Abercrombie & Fitch closed at $48.48 on Monday.