Standpoint Downgrades Abercrombie & Fitch (ANF)

Standpoint Research downgraded shares of Abercrombie & Fitch (NYSE: ANF) from a Buy to a Hold today. Yesterday, the company's stock jumped 15% on better than expected retail numbers. According to Standpoint analyst, Ronnie Moas, much of this move was due to short covering and not new investors stepping into the name. He also said that he felt that the reaction to the numbers was a bit overdone, considering the easy comparison figures.

ANF shares are now trading at a new 52 week high and 200% above the low they hit in November 2008. Moas believes that for the time being, the shares are fairly valued.