UPDATE: Wunderlich Initiates Coverage On Abercrombie & Fitch
In a note released Tuesday morning, Wunderlich analyst Eric Beder Initiated coverage on Abercrombie & Fitch (NYSE: ANF) with a Buy and $48 price target.
Beder wrote, "We believe the company is among the best positioned players for this back-to-school season with tight inventories, a key focus on cost savings, and a concerted effort to drive fashion excitement and emphasis on improving overall returns."
Beder noted that Abercrombie has continued to "aggressively" buy back shares and the company's strong cash position should support further repurchases.
For fiscal 2015 and 2016 Beder is predicting an EPS of $2.41 and $2.93, respectively, both of which are above consensus.
Beder concluded by suggesting investors buy before the company's second quarter earnings.
Latest Ratings for ANF
|Nov 2014||Credit Suisse||Downgrades||Outperform||Neutral|
|Nov 2014||Janney Capital||Downgrades||Buy||Neutral|
|Nov 2014||Oppenheimer||Downgrades||Outperform||Market Perform|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.