UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on Abercrombie & Fitch

In a report published Friday, Wedbush Securities reiterated its Outperform rating on Abercrombie & Fitch Co.

, and raised its price target from $48.00 to $56.00. Wedbush Securities noted, “With solid QTD checks that suggest strong Black Friday and early Holiday sales trends, we are raising our estimates above consensus. Similar to trends witnessed in Q3, we believe both core A&F and Hollister stores continue to make sequential progress driving solid sales momentum. We believe traffic and conversion levels continue to improve despite reduced clearance. Specifically, our Retail Specialists have noted that at Hollister ‘the retailer excluded fashion SKUs from promotional activity yet inventory levels continued to decrease substantially…We also continue to notice a pullback in price pointing of guy's hoodies and t-shirts with up to a $5 (10%) improvement over last year on similar quality merchandise.'” Abercrombie & Fitch Co. closed on Thursday at $48.55.