Wolfe Research Downgrades Abercrombie & Fitch (ANF) to Peerperform (Earlier)
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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."
Shares of Abercrombie & Fitch closed at $16.28 yesterday.
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