DA Davidson Upgrades Abercrombie & Fitch Co. (ANF) to Buy
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DA Davidson upgrades Abercrombie & Fitch Co. (NYSE: ANF) from Neutral to Buy with an $82 price target. The firm is citing valuation as ANF has pulled back over 10% in the past few weeks. DA Davidson analyst Crystal Kallik said, "we believe the current valuations represent a compelling entry point.
The firm said they expect modest back-to-school sales results, but believe Q2 earnings will expand. Over the long-term, they are encouraged by the company's impressive operating margins, strong cash flow, healthy balance sheet and compelling opportunities in the Direct business and International expansion.
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