BofA/Merrill Lynch analyst Lorraine Hutchinson raised her price target on Neutral-rated Abercrombie & Fitch (NYSE: ANF) to $44.00 (from $42.00) following better-than-expected Q2 results on better cost control.

The analyst noted management lowered its 2014 comp outlook to down MSD% from down 3-4%, but reiterated its prior 2014 EPS guide for $2.15-2.35.

"We think aggressive cost cuts and a corporate structure overhaul are balanced by ongoing headwinds for the domestic teen consumer, including heighted competition and a weak fashion cycle, and volatile international sales performance," the analyst said.

The firm raised FY 2015 EPS from $2.21 to $2.34, FY 2016 EPS from $2.51 to $2.92 and F 2016 EPS from $2.84 to $3.21.

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Shares of Abercrombie & Fitch closed at $41.87 yesterday.