Cowen & Co Upgrades Abercrombie & Fitch (ANF) to Neutral
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Cowen & Co upgrades Abercrombie & Fitch (NYSE: ANF) from Underperform to Neutral.
Cowen analyst says, "Shares of ANF are down over 50% this quarter and over 35% since early October. We believe that the current share price adequately reflects the company's growth prospects and lower returns on capital going forward. We now believe that FY09 consensus estimates have come down to a more achievable level for ANF and that near-term risks have been priced into the stock. We are upgrading to a Neutral rating from Underperform."
Abercrombie & Fitch Co. (A&F), through its subsidiaries, is a specialty retailer that operates stores and Websites selling casual sportswear apparel, including knit and woven shirts, graphic t-shirts, fleece, jeans and woven pants, shorts, sweaters, outerwear, personal care products and accessories for men, women and kids.
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