Jesup & Lamont Raises Price Target & Q3 EPS Estimates on Abercrombie & Fitch (ANF)
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Jesup & Lamont raises its price target on Abercrombie & Fitch (NYSE: ANF) to $40 from $36.
Jesup analyst says, "Our revised target is based on a 20x P/E multiple on our 2010 EPS estimate of $2.00 per share which reflects anticipation of improved content and inventory levels, a recalibrated pricing structure and the contribution of new flagship stores as well as highly productive mall based Hollister stores in the UK and Europe...Raising 3Q09 EPS estimate to $0.21 from $0.18 as ANF’s total September sales exceeded our forecast by $10 million, adding $0.03 to 3Q09 EPS...We expect that improved inventory levels and content will arrive in the stores pre-Christmas giving a boost to late holiday shopping and January gift card redemptions."
To see more analyst ratings on ANF Click Here.
Abercrombie & Fitch Co., through its subsidiaries, operates as a specialty retailer of casual sportswear apparel for men, women, and kids.
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