JP Morgan Raises Price Target for Abercrombie (ANF)

JP Morgan Raises Price Target for Abercrombie (ANF)

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JP Morgan has reaffirmed its rating for apparel retailer, Abercrombie & Fitch Co.(ANF), and has increased its price target Tuesday.

The firm reiterated its “Neutral” rating for the company, and has raised its price target from $35 to $48. This price target suggests a 7% increase over the stock’s current price of $44.61.

An analyst noted, “after setting low enough expectations, ANF stepped over their low sales bar with a “less-worse” -3% comp decline and better-than-expected gross margins. With concerns over brand equity and the company’s inability to stabilize comps heading into the print, shares saw a significant short squeeze and although we believe estimates will likely continue to increase and current levels may continue to prove attractive, we are choosing to remain sidelined as we await topline consistency around international trends (particularly in Europe), which represent 30% of sales and 30%-40% of operating profits and clarity around the turn.”

Abercrombie & Fitch shares were mostly flat during premarket trading Tuesday. The stock is down -8.66% YTD.

The Bottom Line
Shares of Abercrombie & Fitch (ANF) have a 1.57% dividend yield, based on last night’s closing stock price of $44.61. The stock has technical support in the $36-$39 price area. If the shares can firm up, we see overhead resistance around the $47-$50 price levels.

Abercrombie & Fitch Co.(ANF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.0 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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