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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