BMO Capital Cut Price Target on Abercrombie & Fitch (ANF) to $19 Following 2Q
- Goldman sends Dow to record high, techs lift S&P, Nasdaq
- Oil tops $55 for first time in 16 months as OPEC deal fuels buying
- Consolidated Communications (CNSL) to Acquire FairPoint Communications (FRP) in $1.5B Deal
- Pre-Open Stock Movers 12/05: (FRP) (GMED) (CHK) Higher; (CERC) (HDSN) (MRVL) Lower (more...)
- Burberry rejects multiple takeover offers from Coach: Financial Times
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
BMO Capital maintained a Market Perform rating on Abercrombie & Fitch (NYSE: ANF), and cut the price target to $19.00 (from $20.00), following the company's 2Q earnings report. ANF reported adjusted EPS of ($0.25) vs. the Street expectation of ($0.20). The miss came primarily from a lower-than-expected gross margin which was driven by higher AUCs, partially offset by higher AUR.
Analyst John Morris commented, "ANF reported worse-than-expected earnings driven by weak tourism spending that was mostly concentrated in the A&F brand. While we believe that there is a turnaround story for the company, we remain on the sidelines for now with our limited visibility on the pace of the core A&F division turnaround. We are reducing our 2016 EPS estimate to $0.61 from $0.71 and are taking our price target down to $19, which reflects nearly 21x our 2017 EPS estimate."
Shares of Abercrombie & Fitch closed at $18.29 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Goldman Sachs Downgrades Marvell (MRVL) to Sell
- Instinet Upgrades McDonald's (MCD) to Buy
- UPDATE: Stifel Upgrades TripAdvisor (TRIP) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!