Nomura Securities Maintains a 'Buy' on Abercrombie & Fitch (ANF); Raises FY11 EPS Estimates

Nomura Securities maintains a 'Buy' on Abercrombie & Fitch (NYSE: ANF) price target of $80.00.

Nomura analyst, Paul Lejuez, says, "Despite better-than-expected 2Q EPS, the stock closed down 8.7% yesterday as the market did not like the lack of GM guidance and update on August sales. We believe these concerns are overblown. This is a management team that guided down 2Q expectations every chance it had, then beat on sales, GM and earnings. ANF is one of the few companies with 20%+ sales growth (and yet it trades at 5.7x our F12 EBITDA). We are increasing our 2011E EPS to $3.24 from $3.22."

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 $64.87 yesterday.

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