Piper Jaffray Overweight On Abercrombie & Fitch (ANF)

Piper Jaffray has an Overweight rating and a $69 price target on shares of Abercrombie & Fitch Co. ANF. In the research note, Piper Jaffray writes, "We remain Overweight on ANF shares as the company's December strategy of aggressive promotions appears to have increased store traffic and conversions. We estimate the promotional cadence for the Abercrombie/Hollister/Gilly brands will result in Dec. comps in the +HSD to +LDD range. Our channel checks also suggested that ANF is gaining share from the other teen specialty retailers, whom we believe struggled to keep up with ANF's promotions, and cross-shopping suggestions between ANF brands were effective. As such, we have raised our FY11 and FY12 EPS estimates and maintain our $69 price target." Shares of ANF closed at $57.15 yesterday, down 19 cents.