Piper Jaffray Reiterates Overweight Rating on Abercrombie & Fitch

Piper Jaffray has published a report on Abercrombie & Fitch Co. ANF reiterating the Overweight rating on the clothing retailer. In the report, Piper Jaffray wrote, "We are reiterating our Overweight rating on shares of ANF as our checks and our recent pricing analysis support our view that the company is well-positioned to gain share in the domestic market. Week 3 pricing is down (9%) sequentially in our group but is down (17%) and (14%) for A&F and Hollister, respectively, driven by the company's "50%-off denim" promotion which started this week. Bottom line, we believe there is upside to our and the Street's Q2 comp-stores sales estimate of +5.5% and the Street's 6.1 % estimate." Piper Jaffray rated Abercrombie & Fitch an Overweight with a price target of $85.00. Abercrombie & Fitch closed Friday at $73.12.