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Piper Jaffray Reiterates Overweight and PT of $85 on Abercrombie and Fitch

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Piper Jaffray reiterated its Overweight rating on Abercrombie and Fitch (NYSE: ANF). At the same time, the rating agency decided to leave its price target on the company's stock unchanged at $85.

In a research report published today, Piper Jaffray states, "Having revisited our international A&F flagship growth assumptions, we are updating our model to more accurately reflect the flow-through of both expenses and revenue contribution of the planned new stores for the balance of this year and next year... Slight model adjustments to FQ2 and FQ4; leaving FY12 unchanged at $3.27 (consensus: $3.18); FY13 moves up from $4.71 to $4.74 (consensus $4.66). We reiterate our Overweight rating and believe the recent pullback presents a particularly compelling buying opportunity."

On Wednesday, Abercrombie and Fitch lost 3.03% of its value to finish the day at $65.87.

 

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Posted-In: Abercrombie and Fitch Piper JaffrayAnalyst Color Analyst Ratings

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