Piper Jaffray cuts its price target from $60 to $59 on Abercrombie & Fitch ANF as it maintains shares at Overweight.
Piper Jaffray notes, "European Macro Concerns Weigh On ANF Shares; Comp Trends In Europe Forecasted To Decline Mid-Teens: Despite a slightly better than anticipated Q1
EPS, trends in international markets (particularly in Europe) deteriorated in the first
quarter relative to Q4. We believe these trends are mostly a result of a weakening macro environment. That said, we believe continued key-item pricing adjustments, the upcoming Olympics and the current fashion cycle should help traffic and conversion as we progress through the year. Mgmt's negative mid-teens European FY13 comp guidance assumes no improvement from the Q1 trend--despite easing comparisons in 2H."
ANF closed at $39.50 on Wednesday.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in