Piper Jaffray Reiterates an 'Overweight' & Raises PT on Abercrombie & Fitch (ANF) After Visit to Flagship Store in Tokyo
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Piper Jaffray reiterates an 'Overweight' rating on Abercrombie & Fitch (NYSE: ANF), raises price target from $40 to $44.
Piper analyst says, "We are reiterating our Overweight rating following a visit to the company's A&F Tokyo flagship and meetings with regional personnel. We had previously underestimated the potential of the region and now believe demand is sufficient to support multiple smaller-scale A&F flagship locations and mall based Hollister stores. We are tweaking our domestic estimates lower and are maintaining a somewhat conservative approach to international revenue generation. We remain above the Street for FY11 and are comfortable with that direction. We think 2010 CY marks the first year where international revenue generation will be meaningful enough to partially offset and to drive consolidated operating leverage."
To see all the upgrades/downgrades on shares of ANF, visit our Analyst Ratings page.
Abercrombie & Fitch Co. (A&F), through its subsidiaries, is a specialty retailer that operates stores and Websites.
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