Credit Suisse Upgrades Abercrombie & Fitch (ANF) to Outperform, $49 Price Target
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- Abercrombie & Fitch (ANF) Beats Q3 Views by 10c, Posts non-GAAP EPS of $0.30
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An analyst at Credit Suisse has upgraded shares of Abercrombie & Fitch (NYSE: ANF) from Neutral to Outperform this morning, also raising its price target on the stock from $30 to $49. The stock is up nearly 7% just before the market open, also benefiting from an upgrade to Conviction Buy at Goldman Sachs.
Credit Suisse believes that Abercrombie will top the Street's average Q3 profit estimate on Friday when it reports its Q3 results. The firm believes that a solid Q3 has been driven "better-than-expected performance from the company's international Hollister stores, the SoHo and Milan flagships, and online sales..."
With the stock most recently trading around $37.36, the firm's new price target represents potential upside of about 31%.
To stay up-to-date on all the market-moving analyst upgrades/downgrades, visit our Analyst Ratings page.
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