Piper Jaffray Lowers Price Target For Abercrombie & Fitch (ANF)
Piper Jaffray announced on Thursday that it is reiterating its “overweight” rating on the Ohio-based specialty retailer, Abercrombie & Fitch (ANF), but went ahead and lowered its price target.
According to an article on Benzinga.com, Stephanie Wissink, an analyst with Piper Jaffray, commented, “Heading into the company’s FQ2 earnings report next Thursday, we are maintaining our Overweight rating, but are reducing our EPS estimates in the context of a challenging and promotional July across teen retail…Fundamental improvement is needed to drive incremental share price appreciation.” As such, Piper Jaffray went onto lower its price target for the company from $59.00 to $58.00, and kept the “overweight” rating.
Abercrombie & Fitch shares traded lower alongside the broad market on Thursday, shedding 2.73% on the day. The stock is up almost 2% YTD.
The Bottom Line
Shares of Abercrombie & Fitch (ANF) are yielding 1.64% based on Thursday’s closing price of $48.85.
Abercrombie & Fitch (ANF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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