Piper Jaffray Reiterates Overweight and PT of $85 on Abercrombie and Fitch

Piper Jaffray reiterated its Overweight rating on Abercrombie and Fitch ANF. At the same time, the rating agency decided to leave its price target on the company's stock unchanged at $85. In a research report published today, Piper Jaffray states, "Having revisited our international A&F flagship growth assumptions, we are updating our model to more accurately reflect the flow-through of both expenses and revenue contribution of the planned new stores for the balance of this year and next year... Slight model adjustments to FQ2 and FQ4; leaving FY12 unchanged at $3.27 (consensus: $3.18); FY13 moves up from $4.71 to $4.74 (consensus $4.66). We reiterate our Overweight rating and believe the recent pullback presents a particularly compelling buying opportunity." On Wednesday, Abercrombie and Fitch lost 3.03% of its value to finish the day at $65.87.