Wedbush Decreases Estimates, Abercrombie & Fitch Fails to Meet Expectations

Wedbush maintains Abercrombie and Fitch's ANF Neutral rating regardless of promotions that ran this weekend. Wedbush explained, “According to the Retail Detail, A&F stores drove only moderate traffic and conversion this past weekend, despite running the broad-based “40% Off The Entire Store” (including redlines) promotion that is typically a big traffic driver for the retailer.” ANF closed at $48.94 a share yesterday with a $46 12-month PT.