Abercrombie & Fitch Analysts Boost Their Forecasts Following Strong Earnings

Abercrombie & Fitch Co ANF reported upbeat earnings for the third quarter on Tuesday.

Abercrombie & Fitch reported third-quarter FY23 sales growth of 20% year-on-year to $1.06 billion, missing the analyst consensus estimate of $1.34 billion. Total company comparable sales rose 16%. Adjusted EPS of $1.83 beat the consensus estimate of $1.18, according to data from Benzinga Pro.

Abercrombie & Fitch sees FY23 net sales growth of 12% - 14% (previously 10% growth).

Abercrombie & Fitch shares fell 2.2% to trade at $72.37 on Wednesday.

These analysts made changes to their price targets on Abercrombie & Fitch following earnings announcement.

• Telsey Advisory Group raised the price target on Abercrombie & Fitch from $74 to $83. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating.
• Morgan Stanley boosted the price target on Abercrombie & Fitch from $53 to $68. Morgan Stanley analyst Alexandra Steiger maintained an Equal-Weight rating.

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