Abercrombie & Fitch Upgraded, Shares Down (ANF)

Brean Murray upgraded Abercrombie & Fitch ANF to Hold from Sell this morning. The firm notes that stock is now trading 2% below their $33 price target. Brean Murray says investors are now assuming weak same-store sales and inventory overhang. Furthermore, international growth my be somewhat lower than expected. Despite these factos, they believe the risk/reward potential has improved enough. Shares of Abercrombie are lower by 16 cents, or 0.49%, to $32.22 on the day. Shares are down nearly 37% from their 52-week high of $51.12 reached in mid-April.