Wells Fargo Reiterates Neutral Rating on Abercrombie & Fitch Co. on Reduced Q3 2013 Comp Estimate

In a report published Monday, Wells Fargo Securities analyst Paul Lejuez reiterated a Neutral rating on Abercrombie & Fitch Co. ANF. In the report, Wells Fargo Securities noted, “We are reducing our Q3 2013 comp estimate from down 8-10% to down 9-11% and our EPS estimate from $0.48 to $0.39. Our FY2013E is now $1.87 vs. $2.03 previously and our FY2014E is. ANF is likely suffering from the same traffic and sales woes that are plaguing the teen sector this fall. Comps are likely to remain weak as we enter a challenging Holiday season, which should be marked by increased promo as retailers pull out all the stops to attract shoppers.” Abercrombie & Fitch Co. closed on Friday at $34.20.