Abercrombie & Fitch price target raised to $97 from $62 at Argus

Argus raised the firm’s price target on Abercrombie & Fitch to $97 from $62 and keeps a Buy rating on the shares. The company has been repositioning its brands and broadening its offerings to include office and special occasion clothing, as well as active apparel, and this strategy has helped Abercrombie & Fitch target its messaging and expand its addressable market beyond jeans and other casual clothing, the analyst tells investors in a research note. The firm also raising its FY24 EPS view for the stock to $5.73 from $4.52.