UBS Maintains a 'Buy' on Abercrombie & Fitch (ANF); Buy on Weakness; 2H Story, So Is Time On Your Side

UBS maintains a 'Buy' on Abercrombie & Fitch (NYSE: ANF) price target lowered from $66 to $60.

Analyst, Roxanne Meyer, said, "We upgraded ANF on our view that our base-case margin assumptions were conservative, and view 1Q EPS results on a lower comp as well as the backing of FY guidance as evidence. Despite a revised comp outlook which lowers estimates, we con’t to see upside, though more limited in 2012 absent a comp inflection (though see opportunity in 2H given lowered bar). While management left themselves room to disappoint in 2Q, we con’t to look for inflection in 2H, driven by easy compares, sourcing recovery, AUR opportunity, lower inventory, expense control and share repurchases."

UBS slightly lowers FY12 EPS estimate from $3.65 to $3.54 and FY13 from $4.70 to $4.63.

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 $39.50 yesterday.

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