Nomura Securities Reiterates a 'Buy' on Abercrombie & Fitch (ANF); 1Q Comps +10%

Nomura Securities reiterates a 'Buy' on Abercrombie & Fitch (NYSE: ANF).

Nomura analyst, Paul Lejuez, says, "Yesterday ANF reported 1Q comps +10% vs. consensus and our estimate of +7% (and vs. mgmt guidance of up mid-single digits). 1Q total sales were up 22% to $837MM vs. consensus sales of $791MM and our estimate $799MM. International sales (including direct) were +64% and U.S. sales were +13%, also both above our estimates of +56% and +8%. We are increasing our F11E from $3.08 to $3.27 and our F12E from $4.50 to $4.64 based primarily on better sales than previously expected. The stock continues to be attractive, trading at ~7x our F12 EBITDA estimate."

For more ratings news on Abercrombie & Fitch click here and for the rating history of Abercrombie & Fitch click here.

Shares of Abercrombie & Fitch closed at $73.28 yesterday.

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