BMO Capital Cut Price Target on Abercrombie & Fitch (ANF) to $19 Following 2Q
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesBMO Capital, Earnings
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