Wolfe Research Downgrades Abercrombie & Fitch (ANF) to Peerperform (Earlier)

November 14, 2016 2:16 PM EST
Get Alerts ANF Hot Sheet
Price: $11.90 +1.28%

Rating Summary:
    12 Buy, 23 Hold, 9 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Wolfe Research downgraded Abercrombie & Fitch (NYSE: ANF) from Outperform to Peerperform.

Analyst Adrienne Yih commented, "As a reminder, our ratings are relative ratings within our coverage universe, and, as such, we believe for 2017, there are investment opportunities that present a better risk/reward profile. We are downgrading ANF to Peer Perform from Outperform based on 1) sustained negative comp performance for 13 out of 14 consecutive quarters, 2) difficult task of repositioning the Abercrombie & Fitch (“A&F”) brand with new target demo- and psychographic, 3) potential need for increased SG&A spend to support relaunch of A&F, 4) ongoing competitive pricing environment, particularly in the Teen sector, with Aeropostale remaining as a going concern into 2017 with ~400 stores, 5) what we believe to be a barely profitable U.S. business, and 6) inherent risks from FX, tourism, and global macro uncertainty in the International business."

For an analyst ratings summary and ratings history on Abercrombie & Fitch click here. For more ratings news on Abercrombie & Fitch click here.

Shares of Abercrombie & Fitch closed at $16.28 yesterday.

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