Piper Jaffray Reiterates Overweight on Abercrombie & Fitch (ANF)

Piper Jaffray is out with its report today on Abercrombie & Fitch ANF, reiterating Overweight.

In a note to clients, Piper Jaffray writes, "We reiterate our Overweight rating on ANF shares as we believe FQ1 to-date comps to be tracking in line to ahead of plan due to a strong Spring asst and a well-received promotional campaign. With projected int'l growth +82% in FY12 (an add'l 42 stores) and a key driver to rising op margins, we view the recent pullback in ANF shares as a buying opportunity. We are adjusting our FY12 EPS estimates from $2.96 to $2.94 due to a shift in margin and expense pressure in FQ2, but our price target remains at $74 based on a 25x FY12E EPS of $2.94."

At the time of posting, shares of ANF were trading pre-market at $53.50, down 3.11% from Monday's close.