Abercrombie & Fitch (NYSE:ANF) Price Target Lowered to $168.00 at JPMorgan Chase & Co.

Abercrombie & Fitch (NYSE:ANF) had its price objective reduced by JPMorgan Chase & Co. from $189.00 to $168.00 in a research note issued to investors on Wednesday,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the apparel retailer’s stock.

ANF has been the topic of several other research reports. StockNews.com upgraded shares of Abercrombie & Fitch from a “hold” rating to a “buy” rating in a report on Saturday, March 1st. Raymond James reduced their target price on shares of Abercrombie & Fitch from $180.00 to $165.00 and set an “outperform” rating for the company in a research note on Tuesday, January 14th. Morgan Stanley decreased their price target on Abercrombie & Fitch from $149.00 to $139.00 and set an “equal weight” rating for the company in a research report on Wednesday, January 15th. Telsey Advisory Group reaffirmed an “outperform” rating and issued a $190.00 price objective on shares of Abercrombie & Fitch in a research report on Wednesday, February 26th. Finally, UBS Group raised Abercrombie & Fitch from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $173.00 to $220.00 in a report on Friday, January 10th. Two analysts have rated the stock with a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Abercrombie & Fitch has an average rating of “Moderate Buy” and a consensus target price of $171.50.

Abercrombie & Fitch Stock Performance

ANF stock opened at $87.43 on Wednesday. The company has a market capitalization of $4.40 billion, a P/E ratio of 8.65 and a beta of 1.45. The company has a fifty day moving average price of $123.78 and a 200-day moving average price of $137.94. Abercrombie & Fitch has a 52-week low of $79.77 and a 52-week high of $196.99.

Abercrombie & Fitch (NYSE:ANF) last announced its earnings results on Wednesday, March 5th. The apparel retailer reported $3.57 EPS for the quarter, topping the consensus estimate of $3.48 by $0.09. The firm had revenue of $1.58 billion for the quarter, compared to the consensus estimate of $1.57 billion. Abercrombie & Fitch had a return on equity of 46.50% and a net margin of 11.16%. The business’s quarterly revenue was up 9.1% compared to the same quarter last year. During the same period in the previous year, the business earned $2.97 EPS. As a group, sell-side analysts forecast that Abercrombie & Fitch will post 10.62 earnings per share for the current fiscal year.

Abercrombie & Fitch announced that its board has approved a stock buyback plan on Wednesday, March 5th that allows the company to buyback $1.30 billion in shares. This buyback authorization allows the apparel retailer to buy up to 29.5% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s leadership believes its shares are undervalued.

Hedge Funds Weigh In On Abercrombie & Fitch

A number of hedge funds have recently modified their holdings of ANF. Invesco Ltd. boosted its stake in Abercrombie & Fitch by 150.7% during the fourth quarter. Invesco Ltd. now owns 1,484,643 shares of the apparel retailer’s stock valued at $221,910,000 after buying an additional 892,492 shares during the last quarter. Norges Bank purchased a new position in Abercrombie & Fitch in the fourth quarter worth about $88,478,000. Westfield Capital Management Co. LP bought a new stake in Abercrombie & Fitch during the third quarter worth approximately $73,048,000. Wellington Management Group LLP raised its position in Abercrombie & Fitch by 20.8% during the fourth quarter. Wellington Management Group LLP now owns 1,229,875 shares of the apparel retailer’s stock valued at $183,829,000 after purchasing an additional 212,155 shares during the period. Finally, Raymond James Financial Inc. bought a new stake in shares of Abercrombie & Fitch in the 4th quarter valued at approximately $31,371,000.

About Abercrombie & Fitch

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.