Abercrombie & Fitch (ANF) PT Raised to $172 at Morgan Stanley
Morgan Stanley analyst Alex Straton raised the price target on Abercrombie & Fitch (NYSE: ANF) to $172.00 (from $112.00) while maintaining a Equalweight rating.
The analyst comments "Outsized 1Q beat & FY raise suggest a higher profitability ‘ceiling’ than we thought, leaving us incrementally positive. However, bullish buyside expectations, expensive relative valuation, & ongoing margin reversion/cyclicality risk keep us Equal-weight rated. We look to 3Q for further conviction in ANF’s OM trajectory from here. Raise PT to $172 on 1) a higher base year, 2) improved M-T profitability expectations, & 3) a more constructive bull case."