Abercrombie & Fitch price target raised to $170 from $165 at UBS

UBS raised the firm’s price target on Abercrombie & Fitch to $170 from $165 and keeps a Neutral rating on the shares. The firm’s analyses indicate the Abercrombie brand’s fundamentals remain solid and that Hollister is gaining momentum, which should drive a 10c EPS beat for Q3 and cause Abercrombie & Fitch to raise its operating outlook for fiscal 2024, the analyst tells investors in a research note. However, the firm thinks the market already anticipates a solid Q3 report, and this, along with bullish sentiment, causes UBS to see a balanced upside/downside skew over the event.