UBS Resumes Coverage on Abercrombie & Fitch (ANF) at Neutral; Best Positioned Teen Name in Tough Competitive Environment

UBS resumes coverage on Abercrombie & Fitch (NYSE: ANF) with a Neutral. PT $68.00.

UBS analyst says, "We view ANF as the near-term market share gainer within teen based on better product, aggressive promotions, and international strength. However, our balanced view is based on what we perceive to be an already high bar to perform, heightened competition in the teen niche, and the added exposure to macro concerns abroad."

"Our estimates: Q3 $0.72, FY11 $3.23. Our $68 price target is 15x our ‘12 estimate of $4.62. Our Black Skies analysis derives a downside valuation of $21-$25."

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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