Oppenheimer Raising Target On Abercrombie (ANF)

Oppenheimer & Co. is raising the price target on Abercrombie & Fitch Co.

to $48, as it expects momentum to continue for the teen retailer. It rates shares at Outperform. In an investment note sent to clients, Oppenheimer writes, "ANF reported a 13% comp, above our/consensus estimates of 4.0%/3.6%, and compares to (18)% ly. Each division (A&F adult, A&F kids, Hollister) comped positively, with guys consistently outperforming girls. Sales were in line with company expectations reflecting sufficient inventory positioning to support demand. Combined with improved product, proactive promotional cadence, compelling sales events and premium-brand positioning, ANF is well positioned to weather the current competitive landscape. Looking ahead, domestic store closures/international expansion opportunity provide unique go-forward catalysts." Shares of ANF jumped yesterday nearly 9% to close at $42.03, a gain of $3.44.