Jefferies lowered the firm’s price target on Abercrombie & Fitch (ANF) to $135 from $170 and keeps a Buy rating on the shares. The firm’s updated pricing and promotional data shows that in Q1 through April 29, discounts across Abercrombie, Anthropologie, Old Navy, Gap (GAP), and Urban Outfitters (URBN) were up 1.3% year-over-year, while average selling prices were down 0.9% year-over-year in Q1 to that date. The data are suggesting a more promotional environment, says the analyst, who still sees opportunity in pressured retail names, but is lowering a handful of estimates and price targets among the group.
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Read More on ANF:
- Buy Rating for Abercrombie & Fitch: Hollister’s Strength and Valuation Support Positive Outlook
- Abercrombie & Fitch price target lowered to $142 from $155 at JPMorgan
- Abercrombie & Fitch price target raised to $130 from $115 at UBS
- Abercrombie & Fitch price target lowered to $78 from $114 at Morgan Stanley
- Abercrombie & Fitch call volume above normal and directionally bullish
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