Abercrombie & Fitch price target raised to $98 from $93 at UBS

UBS analyst Mauricio Serna raised the firm’s price target on Abercrombie & Fitch to $98 from $93 and keeps a Neutral rating on the shares. Abercrombie & Fitch’s Q4 update indicates the Abercrombie brand’s momentum prevailed during the Holiday season and that Hollister’s turnaround is gaining traction, the analyst tells investors in a research note. At the same time, tougher compares and macro challenges in FY24 should cause Abercrombie’s momentum to slow, likely preventing meaningful P/E expansion, UBS says.