UPDATE: Morgan Stanley Reiterates On Abercrombie & Fitch As Long-Term Investment Concerns Remain

In a report published Thursday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Equal-Weight rating on

, but lowered the price target from $30.00 to $28.00. In the report, Morgan Stanley noted, “We believe management is focused on the correct long-term initiatives. However, the profit profile of the business is permanently impaired, in our view. We are skeptical ANF can earn over $1.75 again. Ata 14x multiple, that implies a $25 stock.” Abercrombie & Fitch closed on Wednesday at $28.81.