Nomura Securities Maintains a 'Buy' o Abercrombie & Fitch (ANF); Lowers FY12 Estimates

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

Nomura analyst, Paul Lejuez, says, "As a result of our F/X sensitivity analysis, we are reducing our F12E estimates given ANF’s material (and growing) UK/European exposure. We estimate ANF will generate ~20% of its F11 sales from these two regions combined, and that will continue to grow in F12. While ANF hedges currency risk, the company typically only hedges six months out and we believe F12 will be negatively affected. We are reducing our F12 EPS to $4.50 from $4.70 to reflect current exchange rates. There is no change to our underlying thesis or PT of $80."

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 $61.88 yesterday.

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