Raymond James Cuts Abercrombie & Fitch (NYSE:ANF) Price Target to $90.00

Abercrombie & Fitch (NYSE:ANF) had its price target lowered by equities researchers at Raymond James from $110.00 to $90.00 in a research report issued to clients and investors on Tuesday, MarketBeat Ratings reports. The brokerage presently has an “outperform” rating on the apparel retailer’s stock. Raymond James’ price target suggests a potential upside of 1.66% from the stock’s previous close.

Other equities research analysts also recently issued research reports about the company. Wall Street Zen downgraded Abercrombie & Fitch from a “buy” rating to a “hold” rating in a report on Sunday, March 9th. UBS Group boosted their price objective on Abercrombie & Fitch from $115.00 to $130.00 and gave the company a “buy” rating in a report on Monday, May 19th. Barclays began coverage on Abercrombie & Fitch in a report on Monday, April 21st. They set an “equal weight” rating and a $71.00 price target for the company. Jefferies Financial Group decreased their price target on Abercrombie & Fitch from $170.00 to $135.00 and set a “buy” rating for the company in a report on Wednesday, May 21st. Finally, Telsey Advisory Group decreased their price target on Abercrombie & Fitch from $190.00 to $125.00 and set an “outperform” rating for the company in a report on Thursday, March 6th. Four equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, Abercrombie & Fitch has an average rating of “Moderate Buy” and an average target price of $108.63.

Abercrombie & Fitch Stock Up 14.8%

NYSE ANF opened at $88.53 on Tuesday. The company has a market cap of $4.22 billion, a price-to-earnings ratio of 8.76 and a beta of 1.47. Abercrombie & Fitch has a 52 week low of $65.40 and a 52 week high of $196.99. The business has a 50 day moving average price of $74.40 and a 200-day moving average price of $108.49.

Abercrombie & Fitch (NYSE:ANF) last released its quarterly earnings data on Wednesday, May 28th. The apparel retailer reported $1.59 EPS for the quarter, beating the consensus estimate of $1.35 by $0.24. The firm had revenue of $1.10 billion during the quarter, compared to the consensus estimate of $1.08 billion. Abercrombie & Fitch had a return on equity of 46.50% and a net margin of 11.16%. The company’s quarterly revenue was up 7.5% on a year-over-year basis. During the same quarter in the previous year, the company posted $2.14 earnings per share. On average, equities research analysts anticipate that Abercrombie & Fitch will post 10.62 earnings per share for the current year.

Abercrombie & Fitch declared that its board has authorized a stock buyback program on Wednesday, March 5th that allows the company to repurchase $1.30 billion in outstanding shares. This repurchase authorization allows the apparel retailer to buy up to 29.5% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s management believes its shares are undervalued.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of ANF. AQR Capital Management LLC boosted its position in Abercrombie & Fitch by 198.2% in the first quarter. AQR Capital Management LLC now owns 1,955,927 shares of the apparel retailer’s stock worth $144,582,000 after purchasing an additional 1,300,070 shares during the last quarter. Invesco Ltd. boosted its position in Abercrombie & Fitch by 150.7% in the fourth quarter. Invesco Ltd. now owns 1,484,643 shares of the apparel retailer’s stock worth $221,910,000 after purchasing an additional 892,492 shares during the last quarter. Assenagon Asset Management S.A. purchased a new position in Abercrombie & Fitch in the first quarter worth $56,569,000. Norges Bank purchased a new position in Abercrombie & Fitch in the fourth quarter worth $88,478,000. Finally, Pacer Advisors Inc. boosted its position in Abercrombie & Fitch by 3,113.1% in the first quarter. Pacer Advisors Inc. now owns 506,088 shares of the apparel retailer’s stock worth $38,650,000 after purchasing an additional 490,337 shares during the last quarter.

About Abercrombie & Fitch

Abercrombie & Fitch Co engages in the retail of apparel, personal care products, and accessories. The firm operates through following geographical segments: Americas, EMEA and APAC. The Americas segment includes operations in North America and South America. The EMEA segment includes operations in Europe, the Middle East and Africa.