Oppenheimer Reiterates an 'Outperform' on Abercrombie & Fitch (ANF); Trends Improving

Oppenheimer reiterates an 'Outperform' on Abercrombie & Fitch (NYSE: ANF) price target of $40.00.

Analyst, Pamela Quintiliano, said, "2Q results, as well as forward guidance, were in line with recent pre-announcement. The new news is that month-to-date comp trends have improved over depressed 2Q levels, although management's cautious tone would indicate that solidly negative. We're also encouraged by controlled inventories (anticipated flat in 3Q and down in 4Q, an additional 10M share repurchase authorization (22.9M total) and very achievable full-year EPS guidance of $2.50-$2.75 (assumes no comp improvement from 2Q although already seeing momentum). In conjunction with management's refocus on domestic as it scales back international growth, we believe ANF has bottomed. Post the 8/15 outsized reaction to results, we expect ANF to be range-bound until better visibility on back-to-school." (FY12 EPS estimate raised from $2.52 to $2.53, but FY13 lowered from $3.49 to $3.16)

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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