KeyBanc Downgrades Abercrombie & Fitch (ANF) to Sector Weight
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KeyBanc downgraded Abercrombie & Fitch (NYSE: ANF) from Overweight to Sector Weight and removed its price target. Analyst Jessica Schmidt said channel checks point to increased promotions.
"Channel checks point to increased promotions, still overstored teen space, tepid consumer and continued tourist headwinds, which will likely make an already difficult turnaround even more complicated; we downgrade the stock to SW," said Schmidt.
"Our proprietary promotional database and channel checks suggest that promotions at Abercrombie and, to a lesser extent, Hollister are up from last year. We think these promotions, combined with continued headwinds from the overstored teen space, soft consumer demand and ongoing weakness in tourism will likely keep NT earnings under pressure," added the analyst.
Shares of Abercrombie & Fitch closed at $16.28 yesterday.
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