Citi Upgrades Abercrombie & Fitch (ANF) to Hold
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Citi upgrades Abercrombie & Fitch Co (NYSE: ANF) from Sell to Hold. Price target lowered from $45 to $30.
Citi analyst says, "We are upgrading ANF to Hold as we believe expectations are appropriately conservative as mgmt capitulated on 2H guidance, saying results would “fall appreciably below” prior 2H guidance, resulting in a -15% decline in the stock today. ANF is down ~50% since 9/4/08 vs. S&P 500’s 26% decline & our sector’s 33% decline...We do not see a Near-Term catalyst to move the stock in either direction as weak fundamentals (sales & margin declines) are likely well understood & discounted in ANF shares at this price."
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.
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