Mizuho Securities Cuts Price Target on Abercrombie & Fitch (ANF) Following 2Q Miss
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Mizuho Securities maintained a Neutral rating on Abercrombie & Fitch (NYSE: ANF), and cut the price target to $20.00 (from $23.00), following the company's 2Q earnings report. ANF reported EPS of $(0.25), missing the Street’s $(0.20) estimate.
Analyst Betty Chen commented, "We are lowering our estimates and PT to $20 (from $23) to incorporate the 2Q miss and revised guidance that reflects 2H headwinds from weak traffic, softness in tourism and flagship stores, currency fluctuations, and product adjustments. Although we are encouraged by positive conversion trends and DTC growth, we believe the return to positive same store-sales may prove challenging in the near-term given product miscues and brand repositioning that could take longer than expected. Given the plethora of challenges facing the company, we expect shares to remain range-bound."
Shares of Abercrombie & Fitch closed at $22.95 yesterday.
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