SunTrust Downgrades Abercrombie & Fitch (ANF) to Neutral
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SunTrust Robinson Humphrey downgrades Abercrombie & Fitch (NYSE: ANF) from Buy to Neutral.
The firm said its previous estimates on Abercrombie were based on flat same store sales, but with a year-to-date run rate of about down 2.5% moving forward, SunTrust sees comparisons as being much more difficult. As a result, the firm lowered its FY09 and FY10 EPS estimates from $5.60 and $6.17 to $5.44 and $5.99, respectively. The Street estimates are currently $5.63 and $6.31.
Abercrombie & Fitch Co., through its subsidiaries, operates as a specialty retailer of casual apparel for men, women, and kids.
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