Piper Jaffray Reiterates Overweight Rating on Abercrombie & Fitch

Piper Jaffray has published a research report on Abercrombie & Fitch (NYSE: ANF) after BTS launch.

In the report, Piper Jaffray wrote, "We are reiterating our Overweight rating on shares of ANF following our initial checks on the company's chain-wide BTS launch which kicked-off on July 16. We believe this launch has bested expectations thus far with traffic and conversion levels bolstered by social-media buzz as well as tactical promotions. Longer-term, we believe ANF will continue to gain share in the domestic market, driven by its promotional strategy amidst a highly-competitive retail landscape."

Piper Jaffray rated Abercrombie & Fitch Overweight with a price target of $85.00. Abercrombie & Fitch closed Monday at $74.46.