FBR Capital Raises PT on Abercrombie & Fitch (ANF) After Delivering Strong Quarter; Market Reaction Muted
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Price: $108.13 -0.63%
Rating Summary:
15 Buy, 23 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 23 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Last night, FBR Capital maintained a 'Market Perform' on Abercrombie & Fitch (NYSE: ANF), but increased its price target from $68 to $81.
FBR analyst said, "We continue to look for an opportunity in ANF shares. We thought expectations were high heading into 1Q, but when we saw the earnings release, we were impressed. We were actually somewhat surprised the stock was not up more. However, it was a nuanced report, and the guidance for 2Q suggested some Street numbers need to come down. We were pleased with the gross margin and believe management is being conservative in its 2Q guidance. Furthermore, we believe investors are mostly focused on the long-term opportunity. The group has been somewhat volatile lately, and we are concerned that some of the higher-multiple momentum names like ANF could be vulnerable."
"We are maintaining our 2Q11 EPS estimate at $0.21. We are revising our CY11 EPS estimate to $2.93 from $2.86. We are maintaining our CY12 EPS estimate at $4.75."
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 $75.69 yesterday.
FBR analyst said, "We continue to look for an opportunity in ANF shares. We thought expectations were high heading into 1Q, but when we saw the earnings release, we were impressed. We were actually somewhat surprised the stock was not up more. However, it was a nuanced report, and the guidance for 2Q suggested some Street numbers need to come down. We were pleased with the gross margin and believe management is being conservative in its 2Q guidance. Furthermore, we believe investors are mostly focused on the long-term opportunity. The group has been somewhat volatile lately, and we are concerned that some of the higher-multiple momentum names like ANF could be vulnerable."
"We are maintaining our 2Q11 EPS estimate at $0.21. We are revising our CY11 EPS estimate to $2.93 from $2.86. We are maintaining our CY12 EPS estimate at $4.75."
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 $75.69 yesterday.
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