Piper Jaffray Maintains "Buy" Rating on Abercrombie & Fitch (ANF)

Piper Jaffray Maintains “Buy” Rating on Abercrombie & Fitch (ANF)


Piper Jaffray reported on Tuesday that it has reaffirmed a “Buy” rating on apparel retailer, Abercrombie & Fitch Co. (ANF).

The firm has reiterated a “Buy” rating and $56 price target on ANF. This price target suggests a 15% increase from the stock’s current price of $47.42.

An analyst from the firm commented, “we are revisiting ANF as a top pick for 2013, following the sharp correction in shares post the company’s FQ4 report. Our Fall 2012 upgrade was tied to both a general backdrop of favorability (apparel cycle & refined casual aesthetic) and improved merchandising and operational initiatives at the company. Upside to shares is likely tied to steady but more modest improvements domestically and a recovery in the international business. We have completed an update to our international pricing basket and quarter to-date domestic promotional analysis and have fresh perspective on the possibility of infrastructure cost rationalization and efficiency gains across the operating model. We think the outlook for FY14 is conservative and as such, we are raising estimates. We continue to stand by our $5/share in earnings power potential over the next 3 years.”

Abercrombie & Fitch shares were down 99 cents, or -2.04% during Tuesday morning trading. The stock has declined -8% in the past year.

The Bottom Line
Shares of Abercrombie & Fitch Co. (ANF) have a 1.68% yield, based on Tuesday morning’s price of $47.71.

Abercrombie & Fitch Co. (ANF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 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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