In a report published Thursday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Equal-Weight rating on Abercrombie & Fitch Co. ANF, but lowered the price target from $30.00 to $28.00.
In the report, Morgan Stanley noted, “We believe management is focused on the correct long-term initiatives. However, the profit profile of the business is permanently impaired, in our view. We are skeptical ANF can earn over $1.75 again. Ata 14x multiple, that implies a $25 stock.”
Abercrombie & Fitch closed on Wednesday at $28.81.
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