Goldman Sachs Upgrades Abercrombie & Fitch (ANF) to Conviction Buy
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Goldman Sachs upgrades Abercrombie & Fitch (NYSE: ANF) from Neutral to Buy and added the stock to their Conviction List Buy. The firm raised their 6-month price target from $36 to $45, implying 29% upside.
The firm cited a combination of significant longer-term growth drivers and specific drivers for improving sales trends in existing stores. Goldman sees a bigger catalyst for shares in the coming quarters as the pace of openings is accelerating notably vs. last 12 months and domestic profit erosion should be much less of an offset thanks to these drivers.
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