Abercrombie & Fitch (NYSE: ANF) received a number of ratings updates from brokerages and research firms in the last week:

  • Abercrombie & Fitch had its “neutral” rating reaffirmed by analysts at Janney Montgomery Scott. They now have a $38.00 price target on the stock.
  • Abercrombie & Fitch had its “buy” rating reaffirmed by analysts at Brean Murray. They now have a $42.00 price target on the stock.
  • Abercrombie & Fitch had its “neutral” rating reaffirmed by analysts at Sterne Agee. They now have a $37.00 price target on the stock.
  • Abercrombie & Fitch had its “overweight” rating reaffirmed by analysts at Piper Jaffray. They now have a $40.00 price target on the stock. They wrote, “We are reiterating our Overweight rating on ANF shares following the company’s strong FQ3 results, which outpaced even our above consensus estimate. Comp sales declined 3% versus our consolidated high-single digit decline estimate and swift responsive initiatives at the store & channel level (stores & distribution) resulted in better operating margin rates. Roughly 20 cents was tied to improved comp and leverage with 6-7 cents tied to tax rate and 3M shares repurchased. Guidance for FQ4 calls for mid-single digit comp decline, effectively passing through current rates with an element of conservativism and full year earnings figures are moving higher. On balance, shares are likely to be strong in today’s trading session, backed by increased investor confidence in the company’s ability to effect small steps toward business model recovery.”
  • Abercrombie & Fitch was upgraded by analysts at Janney Montgomery Scott from a “neutral” rating to a “buy” rating. They now have a $52.00 price target on the stock, up previously from $38.00.
  • Abercrombie & Fitch was upgraded by analysts at Janney Capital from a “neutral” rating to a “buy” rating.
  • Abercrombie & Fitch was upgraded by analysts at William Blair from a “market perform” rating to an “outperform” rating.
  • Abercrombie & Fitch was upgraded by analysts at Credit Agricole from an “outperform” rating to a “buy” rating. They now have a $52.00 price target on the stock, up previously from $39.00.
  • Abercrombie & Fitch was upgraded by analysts at Nomura from a “neutral” rating to a “buy” rating. They wrote, “10 Reasons to Own ANF: (1) All int’l markets improved with the exception of the UK, (2) US comps +2% vs down 5% in 2Q, and US comparisons get 10 ppt easier in 4Q12, (3) Inventory down 10% (ex in-transit) and management plans to manage inventory below sales growth for the foreseeable future, (4) AUR down only slightly with int’l Hollisters up, (5) AUC benefit in 4Q greater than 3Q (and AUC still down through 1H13), (6) Beginning to flow more newness and increase breadth of assortment, (7) A new focus on accessories, a very underpenetrated category at ANF, (8) A continued focus on expenses including a detailed review that it will share on 4Q call, (9) Strong initial customer traction from new loyalty program, (10) Strong FCF (F13E of ~$400MM), a yield of 14% (even w/stock up today).”
  • Abercrombie & Fitch had its price target raised by analysts at Brean Murray from $42.00 to $49.00.
  • Abercrombie & Fitch had its price target raised by analysts at Jefferies Group to $60.00. They wrote, “3Q results were stellar with sequential sales improvement (both domestic and int’l) and better than expected margins. With these improvements likely sustainable into 4Q and beyond, ANF is at an inflection point and we believe the negative earnings revision cycle has ended. Meanwhile the LT story is still intact and valuation is very attractive despite the stock’s gains intra-day.”
  • Abercrombie & Fitch had its price target raised by analysts at Wedbush to $48.00. They wrote, “Following BTE Q3 results and raised guidance, we continue to believe the company is at an inflection point with improvement to overall sales and margins. … With improvements to comps and margin, we are raising our Q4 OpEPS to $1.81 from $1.70. … Similarly, for F12 we are increasing our OpEPS estimate to $2.90 from $2.52 (in line with management’s $2.85-3.00 guidance range) as our F13 OpEPS estimate rises to $3.25 from $3.00.”
  • Abercrombie & Fitch had its price target raised by analysts at Oppenheimer to $52.00. They wrote, “ANF’s 3Q EPS of $0.87 topped Opco/consensus 0.61/$0.60E and $0.57 LY. Revenue growth/comps of 9%/(3.0)% significantly bettered 3%/(10)% expectations. We’re also encouraged by controlled inventories (down 10% excl. in-transit) and anticipate eventighter controls in 4Q. ANF raised full-year EPS guidance to $2.85-$3.00 from $2.50-$2.75, which we believe could ultimately prove conservative. Raising our 4QE, FY12E and FY13E EPS to $1.92/$3.01/$3.80 from $1.70/$2.53/$3.16. … ANF remains one of the most compelling longer-term opportunities within specialty retail.”
  • Abercrombie & Fitch had its price target raised by analysts at Piper Jaffray to $46.00. They wrote, “We are reiterating our Overweight view on ANF shares, even with shares trading higher today. The company detailed several initiatives to sustain momentum in the business into Q4 and 2013, which adds to confidence in the recovery of market share and profitability. We are encouraged that improvements are being driven by both sales and expense level strategies, and we think further refinements in merchandising and assortment planning and operating expense structure will augment leverage gains. We are flowing through the Q3 beat and are tweaking our Q4 estimate slightly.”
  • Abercrombie & Fitch was upgraded by analysts at Citigroup from a “sell” rating to a “neutral” rating. They wrote, “We do believe ANF has product, geographic, sector challenges ahead but EPS is now positioned to at least meet rather than miss 4Q, so we see limited near-term stock downside. Our view is that stock may persist at ~13x multiple in near-term. The Bear risk to our Neutral call is if mgmt is speaking too quickly before the turn as we do not yet notice greater or better product flow in-stores; also, average unit retails were slightly down in 3Q and ANF achieved 3Q without a substantial mix of improved product.”
  • Abercrombie & Fitch had its price target raised by analysts at FBR Capital from $45.00 to $50.00. They now have an “outperform” rating on the stock.
  • Abercrombie & Fitch was upgraded by analysts at Credit Suisse from an “underperform” rating to a “neutral” rating. They now have a $46.00 price target on the stock, up previously from $32.00. They wrote, “Abercrombie & Fitch reported 3Q12 earnings well ahead of our and consensus estimates (comps, sales, and EPS of -3%, $1,170M, $0.87, our model for -10%, $1,098M, and $0.58) as early results of management’s turnaround efforts led to sequentially improving sales trends, gross margin improvement, and better than expected expense control. While we remain in the early stages of a turnaround, we have increased confidence in the likelihood of a longer-term earnings turnaround.”
  • Abercrombie & Fitch was upgraded by analysts at Sterne Agee from a “neutral” rating to a “buy” rating. They now have a $54.00 price target on the stock. They wrote, “We are upgrading ANF to Buy from Neutral, as we believe Q3 represents a turning point, with heightened fashion offerings, tighter inventory controls, the start of benefits of lower average costs and hints of major expense cuts to come. We are increasing our FY12-FY14 estimates to $3.04/$3.53/$4.13 from $2.43/$2.72/$3.35 and raising the target to $54 (15.3x FY13 and 13x FY14) from $37. Average forward-year P/E over the last 5 years was 17.8x. ANF stock is still 22% below prices reached in May.”
  • Abercrombie & Fitch had its price target raised by analysts at Susquehanna from $43.00 to $54.00. They now have a “positive” rating on the stock.
  • Abercrombie & Fitch had its price target raised by analysts at RBC Capital from $32.00 to $38.00. They now have a “sector perform” rating on the stock.
  • Abercrombie & Fitch ‘s EPS estimates were raised by analysts at UBS AG. They now have a “neutral” rating and a $42.00 price target on the stock. They previously had a $36.00 price target on the stock.
  • Abercrombie & Fitch had its “buy” rating reaffirmed by analysts at KeyBanc.

Shares of Abercrombie & Fitch opened at 41.75 on Friday. Abercrombie & Fitch has a 52 week low of $28.64 and a 52 week high of $56.92. The company has a market cap of $3.447 billion and a P/E ratio of 40.50.

Abercrombie & Fitch Co (A&F), through its subsidiaries, is a specialty retailer of casual apparel for men, women and kids.