Like many other retailers, shares Abercrombie & Fitch Co. ANF have had a tough 2016, having lost more than 26 percent of their value since the year started. Notably, over the past month alone, the stock has plummeted roughly 25.75 percent. Following such a decline, the Vetr crowd seems to believe further downside has been limited.
Related Link: Here's How Crowdsourced Ratings Can Beat The Market
On Tuesday, top raters at the Vetr community decided to upgrade their rating on shares of Abercrombie & Fitch, from 2.5 Stars (Sell) to 3.0 Stars (Hold) - out of a possible 5.0 Stars rating.
The new rating seems more aligned with the crowd’s target price of $19.68, which implies a downside potential of just 1.5 percent from current valuations.
Moreover, it should be noted that 71 percent of the crowd’s rating are bullish, meaning that the crowd as a whole is quite optimistic over the company’s long-term prospects – even in spite of the downside implied in the average price target.
Disclosure: Javier Hasse holds no positions in any of the securities mentioned above.
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