KeyBanc Reiterates a 'Buy' on Abercrombie & Fitch (ANF); Raises PT

KeyBanc reiterates a 'Buy' on Abercrombie & Fitch (NYSE: ANF), PT $75.

KeyBanc analyst says, "Since we upgraded Abercrombie from UNDERWEIGHT to BUY on May 12, 2009, the stock has increased 156% (vs. 47% for the S&P 500 index over the same period). We recently attended the Company's first Analyst Day in many years and came away impressed with ANF's long-term international growth prospects. By 2015, ANF management believes that it can achieve $7.5 billion in total sales, up from $3.5 billion in 2010, due predominantly to aggressive, and more profitable, international growth. We are tweaking our 2011 EPS estimate from $2.93 to $2.95 and introducing a $4.50 EPS estimate for 2012. As such, we are raising our price target from $65 to $75 and reiterate our rating. The stock trades at 22.4x 2011E P/E compared to 25.6x on our $75 price target."

For more ratings news on Abercrombie & Fitch click here and for the rating history of Abercrombie & Fitch click here.

Shares of Abercrombie & Fitch closed at $65.57 yesterday.

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