Oppenheimer Raising EPS Estimates And Price Target On Abercrombie & Fitch

According to Oppenheimer, Abercrombie & Fitch ANF reported F1Q11 EPS of $0.28 vs. $(0.13) a year ago. Oppenheimer said that results were driven by gross margin strength (+230 bps) and well-controlled SG&A (-380 bps) with high-margin European locations continuing to significantly outperform. “Further details are in our note published earlier today (Quintiliano's QuickTakes). Reiterate Outperform rating. Based on our expectation for European momentum to continue to accelerate and offset potential domestic margin pressure relating to escalating input costs, we are raising our 12-18 month PT to $80 from $74.” Abercrombie & Fitch closed yesterday at $75.69.