Wunderlich Securities Recommends Buying Abercrombie & Fitch Ahead Of Earnings Report

In a report published Tuesday, Wunderlich Securities analyst Eric Beder reiterated a Buy rating and $48.00 price target on

. In the report, Wunderlich Securities noted, “We are buyers of Abercrombie & Fitch (ANF) ahead of 2Q earnings on Thursday a.m., as we believe the company aggressively cleaned out goods and set themselves up for a strong back-to-school season in 2Q; further, we believe the ongoing $175 million cost reduction program will continue to bear fruit. When combined with a slow turnaround in Europe and what we believe was an aggressive share repurchase program in the quarter, we believe Street estimates are conservative and that the company will be able to provide solid guidance (on the top and bottom lines) for the remainder of the year. ANF remains our favorite teen retailing idea and we are aggressive buyers ahead of 2Q earnings.” Abercrombie & Fitch Co. closed on Monday at $43.55.