Abercrombie & Fitch (NYSE:ANF) Shares Up 5.3% on Analyst Upgrade

Key Points

• Abercrombie & Fitch's stock price surged by 5.3% following an upgrade from JPMorgan Chase & Co., which raised its price target from $141.00 to $151.00.
• The company reported earnings of $1.59 per share, surpassing analysts' expectations and marking a revenue increase of 7.5% year-over-year.
• Abercrombie & Fitch currently holds an average rating of "Moderate Buy" among several analysts, with a consensus target price set at $111.88.

Abercrombie & Fitch Company (NYSE:ANF - Get Free Report) shares rose 5.3% during mid-day trading on Monday after JPMorgan Chase & Co. raised their price target on the stock from $141.00 to $151.00. JPMorgan Chase & Co. currently has an overweight rating on the stock. Abercrombie & Fitch traded as high as $98.76 and last traded at $97.22. Approximately 846,924 shares traded hands during mid-day trading, a decline of 66% from the average daily volume of 2,477,116 shares. The stock had previously closed at $92.34.

A number of other research analysts also recently issued reports on ANF. Telsey Advisory Group reissued an "outperform" rating and issued a $125.00 price objective on shares of Abercrombie & Fitch in a research note on Wednesday, May 28th. Jefferies Financial Group cut their target price on Abercrombie & Fitch from $170.00 to $135.00 and set a "buy" rating for the company in a research note on Wednesday, May 21st. Raymond James Financial decreased their target price on Abercrombie & Fitch from $110.00 to $90.00 and set an "outperform" rating for the company in a research report on Tuesday, May 27th. UBS Group restated a "buy" rating on shares of Abercrombie & Fitch in a research report on Wednesday, May 28th. Finally, Barclays set a $84.00 target price on shares of Abercrombie & Fitch and gave the company an "equal weight" rating in a research note on Thursday, May 29th. Three equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average target price of $111.88.

Hedge Funds Weigh In On Abercrombie & Fitch

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. AQR Capital Management LLC grew its position in Abercrombie & Fitch by 198.2% during the 1st quarter. AQR Capital Management LLC now owns 1,955,927 shares of the apparel retailer's stock worth $144,582,000 after acquiring an additional 1,300,070 shares during the last quarter. Invesco Ltd. boosted its position in shares of Abercrombie & Fitch by 150.7% during the 4th quarter. Invesco Ltd. now owns 1,484,643 shares of the apparel retailer's stock valued at $221,910,000 after purchasing an additional 892,492 shares in the last quarter. Wellington Management Group LLP boosted its holdings in Abercrombie & Fitch by 20.8% during the 4th quarter. Wellington Management Group LLP now owns 1,229,875 shares of the apparel retailer's stock worth $183,829,000 after acquiring an additional 212,155 shares during the last quarter. Marshall Wace LLP raised its stake in Abercrombie & Fitch by 12.6% in the 4th quarter. Marshall Wace LLP now owns 1,037,773 shares of the apparel retailer's stock valued at $155,116,000 after acquiring an additional 115,758 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Abercrombie & Fitch by 18.5% during the 1st quarter. American Century Companies Inc. now owns 806,980 shares of the apparel retailer's stock valued at $61,629,000 after purchasing an additional 126,050 shares in the last quarter.

Abercrombie & Fitch Price Performance

The firm has a market cap of $4.72 billion, a PE ratio of 9.76 and a beta of 1.46. The company has a 50 day simple moving average of $84.58 and a 200-day simple moving average of $88.74.

Abercrombie & Fitch (NYSE:ANF - Get Free Report) last announced its quarterly earnings results on Wednesday, May 28th. The apparel retailer reported $1.59 EPS for the quarter, topping the consensus estimate of $1.35 by $0.24. The business had revenue of $1.10 billion for the quarter, compared to analysts' expectations of $1.08 billion. Abercrombie & Fitch had a net margin of 10.60% and a return on equity of 42.32%. The business's quarterly revenue was up 7.5% compared to the same quarter last year. During the same quarter in the previous year, the company earned $2.14 EPS. On average, sell-side analysts predict that Abercrombie & Fitch Company will post 10.62 EPS for the current fiscal year.

Abercrombie & Fitch Company Profile

Abercrombie & Fitch Co engages in the retail of apparel, personal care products, and accessories. The firm operates through following geographical segments: Americas, EMEA and APAC. The Americas segment includes operations in North America and South America. The EMEA segment includes operations in Europe, the Middle East and Africa.