UPDATE: Wedbush Securities Raises PT to $48 on Abercrombie & Fitch Post Strong Q3, Guidance

Wedbush Securities reiterated its Outperform rating on Abercrombie & Fitch

and raised its price target from $45 to $48. Wedbush Securities said, "Following BTE Q3 results and raised guidance, we continue to believe the company is at an inflection point with improvement to overall sales and margins. … With improvements to comps and margin, we are raising our Q4 OpEPS to $1.81 from $1.70. … Similarly, for F12 we are increasing our OpEPS estimate to $2.90 from $2.52 (in line with management's $2.85-3.00 guidance range) as our F13 OpEPS estimate rises to $3.25 from $3.00." Abercrombie & Fitch closed at $39.90 on Tuesday.