UPDATE: JP Morgan Cuts PT to $38 on Abercrombie & Fitch on International Uncertainty

JP Morgan remains rated Neutral on Abercrombie & Fitch

and reduces its price target on shares from $55 to $38. JP Morgan comments, "ANF ended 1Q12 with 84 international Hollister locations compared to 40 at the end of 1Q11. Add the 10 A&F flagships relative to 5 at the end of 1Q11, ANF more than doubled its international presence and yet the international store segment showed a lesser 42% sales growth. Based on our assumption of international comps in the negative midteen to negative 20% range, it is apparent that international new store productivities continued to show a decline in topline performance out of the gate." ANF closed at $33.54 on Thursday.