Janney Montgomery Scott Slashes Estimates & PT on Abercrombie & Fitch (ANF); Much More Promotional Throughout the Quarter

Janney Montgomery Scott maintains a 'Neutral' on Abercrombie & Fitch (NYSE: ANF) price target of $31.00 (from $41.00).

Analyst, Adrienne Tennant, said, "ANF pre-announced 2Q12 comparable store sales miss of -10% versus Retail Metrics consensus of -5%, with international comps -26% and U.S. -5%. The company guided 2Q12 EPS well below the Street to the range of $0.15 to $0.18; the Street is at $0.33. Our new P.A.C.E. Report (published 8/1/2012) suggested that all three divisions were much more promotional throughout the quarter on a year-over-year basis."

Q2 EPS estimate lowered from $0.24 to $0.18, FY12 from $3.26 to $2.61 and FY13 from $4.06 to $3.09.

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 $34.02 yesterday.

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