Wedbush Upgrades Abercrombie & Fitch (ANF) to Outperform; Visibility & Compelling Valuation
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Price: $108.13 -0.63%
Rating Summary:
15 Buy, 23 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
15 Buy, 23 Hold, 5 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Wedbush upgraded Abercrombie & Fitch (NYSE: ANF) from Neutral to Outperform with a price target of $45.00 (from $30.00).
Analyst, Betty Chen, said, "We are upgrading shares of ANF as we believe the company is nearing an inflection point with the stabilization of sales and margins aided by leaner inventories, shorter lead times, and the gradual rollout of improved product assortments in spring ‘13. Management noted that early Q3 trends are above Q2, which suggests H2 comp guidance of (10)% is at least achievable, if not possibly conservative. Further, with noticeable progress in inventory positions, exiting Q2 +19% psf vs. +43% at Q1-end, and the expectation for further decreases in H2, we believe plans for gross margin gains in H2 on lower AUC appears reasonable."
FY12 EPS estimate raised from $2.50 to $2.60 and FY13 from $2.75 to $3.00.
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 $35.23 yesterday.
Analyst, Betty Chen, said, "We are upgrading shares of ANF as we believe the company is nearing an inflection point with the stabilization of sales and margins aided by leaner inventories, shorter lead times, and the gradual rollout of improved product assortments in spring ‘13. Management noted that early Q3 trends are above Q2, which suggests H2 comp guidance of (10)% is at least achievable, if not possibly conservative. Further, with noticeable progress in inventory positions, exiting Q2 +19% psf vs. +43% at Q1-end, and the expectation for further decreases in H2, we believe plans for gross margin gains in H2 on lower AUC appears reasonable."
FY12 EPS estimate raised from $2.50 to $2.60 and FY13 from $2.75 to $3.00.
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 $35.23 yesterday.
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