Abercrombie & Fitch Co. (NYSE:ANF) was downgraded by stock analysts at Bank of America Corp. from a “buy” rating to an “underperform” rating in a report issued on Thursday, AnalystRatingsNetwork reports. They currently have a $30.00 price target on the stock, down from their previous price target of $48.00. Bank of America Corp.’s target price points to a potential downside of 9.45% from the company’s current price.
The analysts wrote, “Abercrombie held an analyst day where we expected to hear about significant cost cutting and new efforts to revitalize the brand domestically. While the company did discuss initiatives concerning marketing and processes, in our view there was too little focus on addressing the faltering domestic popularity of the brand. Without a major overhaul, we expect ongoing market share loss and domestic weakness, which could also undermine the brand internationally. As a result, we are downgrading the stock to Underperform and lowering our F2014 and F2015 EPS estimates from $2.21 and $2.91 to $1.47 and $2.31, respectively. We are lowering our PO to $30.”
A number of other analysts have also recently weighed in on ANF. Analysts at Cowen and Company cut their price target on shares of Abercrombie & Fitch Co. from $36.00 to $33.00 in a research note to investors on Wednesday. They now have a “market perform” rating on the stock. Separately, analysts at Brean Capital cut their price target on shares of Abercrombie & Fitch Co. from $50.00 to $48.00 in a research note to investors on Wednesday. They now have a “buy” rating on the stock. Finally, analysts at Jefferies Group reiterated a “buy” rating on shares of Abercrombie & Fitch Co. in a research note to investors on Wednesday. They now have a $45.00 price target on the stock, down previously from $50.00. Three analysts have rated the stock with a sell rating, fifteen have issued a hold rating and fifteen have issued a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $44.79.
Shares of Abercrombie & Fitch Co. (NYSE:ANF) traded up 0.63% during mid-day trading on Thursday, hitting $33.34. The stock had a trading volume of 1,347,335 shares. Abercrombie & Fitch Co. has a 1-year low of $30.74 and a 1-year high of $55.23. The stock has a 50-day moving average of $35. and a 200-day moving average of $44.44. The company has a market cap of $2.547 billion and a price-to-earnings ratio of 10.98.
Abercrombie & Fitch Co. (NYSE:ANF) last issued its quarterly earnings data on Thursday, August 22nd. The company reported $0.16 EPS for the quarter, missing the Thomson Reuters consensus estimate of $0.28 by $0.12. The company had revenue of $945.70 million for the quarter, compared to the consensus estimate of $996.64 million. During the same quarter last year, the company posted $0.19 earnings per share. Abercrombie & Fitch Co.’s revenue was down .6% compared to the same quarter last year. On average, analysts predict that Abercrombie & Fitch Co. will post $1.86 earnings per share for the current fiscal year.
Abercrombie & Fitch Co (NYSE:ANF), through its subsidiaries, is a specialty retailer of casual apparel for men, women and kids.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.