UPDATE: Goldman Sachs Downgrades Abercrombie & Fitch to Neutral

Goldman Sachs is out with its report today on Abercrombie & Fitch

, downgrading ANF from Buy to Neutral. In its report, Goldman Sachs writes, "Over the next six months or so, we see balanced risk/reward despite a sharp sell-off, and move to Neutral from Buy. To be more positive again, we look for greater European macro stability and clarity on US pricing strategy." Goldman Sachs lowers its PT from $88 to $65. At the time of posting, shares of ANF were trading at $58.62, down 1.08% from Thursday's close.