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Abercrombie & Fitch Gets Wall Street Love This Morning (ANF)

By Dividend.com Staff
November 9th, 2009

abercrombie-fitch-gets-wall-street-love-this-morning-anf

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.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.