Shares of American Eagle Outfitters, Inc. (NASDAQ:AEO) are rising Wednesday after the company reported better-than-expected third-quarter results and raised its fourth-quarter outlook.
- AEO stock is at important technical levels. Check the analyst take here.
What To Know: American Eagle reported quarterly adjusted earnings of 53 cents per share, which beat the analyst consensus estimate of 44 cents per share. The company reported quarterly sales of $1.36 billion, beating the analyst consensus estimate of $1.32 billion.
The company’s stock reached a new 52-week high following the report and was trading above $24 at last check, according to Benzinga Pro.
Telsey Advisory Group raised its price target to $25 in response to the print. The analyst firm said, “AEO delivered impressive third quarter results, further confirming the early signs of stabilization and recovery first exhibited in the second quarter.”
Here’s a look at other analyst changes following the company’s quarterly results.
- UBS analyst Jay Sole maintained a buy rating and raised the price target from $22 to $31.
- BofA Securities analyst Christopher Nardone maintained an underperform rating and raised the price target from $11 to $18.
- JPMorgan analyst Matthew Boss upgraded the stock from underweight to neutral and raised the price target from $14 to $20.
Looking ahead, American Eagle raised its fourth-quarter operating income guidance from a range of $125 million to $130 million to a new range of $155 million to $160 million, citing stronger sales trends.
“Strong momentum has continued into the fourth quarter, including an excellent start to the holiday season. We delivered a record-breaking Thanksgiving weekend, led by an acceleration in demand across brands and channels and underscored by outstanding growth at Aerie and Offline,” said CEO Jay Schottenstein.
AEO Price Action: Shares were up 16.78%, trading at $24.32 at the time of publication, according to Benzinga Pro.
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