UPDATE: Stifel Upgrades Abercrombie &Fitch Co.

In a note released earlier Tuesday morning, Stifel analyst, Richard Jaffe upgraded shares of Abercrombie & Fitch Co.

from Hold to Buy with a $50 price target and called the stock the "best of the bunch". Jaffe wrote, "Despite an improved fashion assortment, the current valuation does not give credit for the significant improvement that the company has made in its merchandise assortments at both Hollister and Abercrombie." The $50 price target set by Jaffe is based on his above consensus 2015 EPS estimate of $3.40 and a similar multiple compared to current levels.