UPDATE: Jefferies Raises PT to $60 on Abercrombie & Fitch Following Strong Q3

Jefferies reiterated its Buy rating on Abercrombie & Fitch

and increased its price target from $50 to $60. Jefferies commented, "3Q results were stellar with sequential sales improvement (both domestic and int'l) and better than expected margins. With these improvements likely sustainable into 4Q and beyond, ANF is at an inflection point and we believe the negative earnings revision cycle has ended. Meanwhile the LT story is still intact and valuation is very attractive despite the stock's gains intra-day." Abercrombie & Fitch closed at $31.18 on Tuesday.