Abercrombie & Fitch Stock Surges as JPMorgan Adds To 'Positive Catalyst Watch'
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Key TakeawaysAbercrombie & Fitch was added to JPMorgan's "Positive Catalyst Watch" list on growth by the apparel retailer's Hollister brand.The analysts also raised the price target to $195 from $194, while keeping their "overweight" rating on the stock.The analysts also liked comments from CEO Fran Horowitz about the start of the third quarter and back to school sales.
Abercrombie & Fitch (ANF) shares surged Friday as JPMorgan added the apparel retailer to its "Positive Catalyst Watch" list and raised the price target on growth of the Hollister brand.The bank lifted its price target on the stock $1 to $195, while maintaining an "overweight" rating.The analysts wrote in a letter to clients that after "our recent fieldwork and management access," they were raising Abercrombie & Fitch's third-quarter earnings per share (EPS) estimate to $2.40, based on a 13% jump in revenue. They also see gross margin rising 10 basis points (bps).Analysts See 'Accelerating Brand Momentum at Hollister'The analysts explained that they see "accelerating brand momentum at Hollister on new customer acquisition," and pointed to comments from Chief Executive Officer (CEO) Fran Horowitz over the summer that she was "thrilled with the start to August" and "thrilled with back-to-school."Shares of Abercrombie & Fitch surged 8.6% to $145.71 in late-morning trading Friday and have gained about 65% this year. Read the original article on Investopedia.
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