Piper Jaffray Reiterating Overweight On Abercrombie & Fitch Co. (ANF)

Piper Jaffray is reiterating its Overweight rating and $85 price target on shares of Abercrombie & Fitch Co. ANF. In a note to investors, Piper Jaffray writes, "We reiterate our Overweight rating and $85 price target on ANF shares in advance of the company's FQ1 earnings report this Wednesday. The current retail environment is working in ANF's favor as it gains share through brand recognition, competitive pricing structure, and increased international share. During the quarter, we observed the company aggressively testing a variety of promotions, prices, and marketing techniques in preparation for 2H's rising costs, which we believe helped the quarter and should lead to a well-planned BTS strategy. With improving domestic productivity and the international segment growing to 24% of global revenues this year, we remain encouraged that the company's momentum will continue." Shares of ANF lost $1.56 yesterday to close at $72.70, a loss of 2.1%.