The Dividend Daily

Abercrombie & Fitch (ANF) is getting the rare double-upgrade this morning.

Credit Suisse is upgrading the company to an Outperform from Neutral on international growth prospects. The firm is also raising its price target to $49 from $30. Goldman Sachs is also upgrading the shares from a Neutral to a Buy. The firm is also adding the stock to its Conviction List, as the company has several growth catalysts. The firm has a $45 price target on Abercrombie.

The Bottom Line
We have been avoiding shares of ANF since our early June coverage began last year, when the stock was trading at $67.37. The company has a dividend yield of 2.00%, based on Friday’s closing stock price of $35.01. The stock has technical support in the $27-$30 price area. If the shares can continue the recent run, we see overhead resistance around the $35-$39 price levels. We would remain on the sidelines for now.

Abercrombie & Fitch (ANF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.