UPDATE: Jefferies & Company, Inc. Reiterates Buy Rating, Lowers PT for Abercrombie & Fitch

In a report published earlier today, Jefferies & Company, Inc. reiterated its Buy rating for Abercrombie & Fitch Co. ANF, but lowered its price target from $70.00 to $60.00. Jefferies went on to say “We hosted meetings with mgmt in London and while no big changes came through a few things are clear: 1) the brands have global appeal; 2) the global growth outlook is still visible; 3) margin tailwinds are coming; and 4) cash flow generation remains very strong. Against the backdrop of Europe fears, neg. sentiment, and cheap valuation, risk/reward is very attractive and we believe it is a good time to accumulate positions.” Abercrombie & Fitch Co. closed on Friday at $30.97.