Goldman Sachs Downgrades Abercrombie & Fitch (ANF) to Neutral

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Goldman Sachs downgraded Abercrombie & Fitch (NYSE: ANF) from Buy to Neutral with a price target of $65 (down from $88). This follows the removal from the Conviction Buy List earlier this week.

The firm said the near term magnitude of the macro risk is "much greater than we anticipated." Goldman said while they still believe in the long-term story, they see this quarter's disappointments getter worse before they get better.

To get more positive again, Goldman said they will look for greater European macro stability and clarity on US pricing strategy.

For more ratings news on Abercrombie & Fitch click here and for the rating history of Abercrombie & Fitch click here.

Shares of Abercrombie & Fitch closed at $59.26 yesterday, with a 52 week range of $41.64-$78.25.

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