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Abercrombie & Fitch price target raised to $33 from $30 at Citi
The Fly

Abercrombie & Fitch price target raised to $33 from $30 at Citi

Citi analyst Paul Lejuez raised the firm’s price target on Abercrombie & Fitch to $33 from $30 and keeps a Neutral rating on the shares. The analyst anticipates in-line Q4 earnings results on March 3 after the company preannounced on January 9. With Hollister inventory exiting Q4 "clean" and several cost headwinds abating, investors are bullish on Abercrombie’s ability to recapture lost margin in fiscal 2023, the analyst tells investors in a research note. Buyside expectations for fiscal 2023 are well above Citi’s estimate of $1.95, believe it is unlikely management guides that aggressively, the firm contends.

Published first on TheFly

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