Brean Murray Carret & Co. Upgrades Abercrombie & Fitch (ANF) to Buy; Compelling Value

Brean Murray Carret & Co. upgraded Abercrombie & Fitch (NYSE: ANF) to Buy with a price target of $65.00.

Brean analyst said, "...we believe now is an apt time to become more aggressive in ANF for a number of reasons: 1) after entering 1Q with materially too much inventory, we believe a warmer March has allowed the company to become more right sized in terms of product exposure and should position them to be more strategic going forward; 2) we believe both the market and costing environments will be material positives going forward in FY13; 3) on a cash adjusted basis the company is, by far, the cheapest of the A’s and, in our opinion, the player with the most rational domestic and international unit story; and 4) on a technical basis, the risk/reward is compelling."

FY13/14 raised from $3.24/4.31 to $3.58/$4.44.

For an analyst ratings summary and ratings history on Abercrombie & Fitch click here. For more ratings news on Abercrombie & Fitch click here.

Shares of Abercrombie & Fitch closed at $49.61 yesterday.

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