Janney Montgomery Scott Downgrades Abercrombie & Fitch (ANF) to Neutral

Janney Montgomery Scott downgraded Abercrombie & Fitch (NYSE: ANF) from Buy to Neutral with a price target of $65 (down from $96).

The firm comments, "Today's comments about Japan, Canada, and a weakening European business have caused us to rethink the strength and consistency of the international strategy. With five more know flagship openings in Europe over the next six months, and a weakening European macro environment, we choose to move to the sidelines until it is proven that the international growth strategy is as robust and promising as we had earlier believed."

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 $74.01 yesterday.

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