UPDATE: Deutsche Bank Raises PT on Abercrombie & Fitch to $52 (ANF)

Deutsche Bank is out with its report today on Abercrombie & Fitch ANF, raising its PT from $47 to $52. In a note to clients, Deutsche Bank writes, "4Q Oper. EPS came in at $1.38, ahead of $1.32 consensus and DB's $1.36. Gross margin was flat y/y vs. mgmt.'s soft plan of -40bp. Stores & distribution exp., as well as MG&A, exceeded expectation. For the tax rate, we were using 36.4% for 4Q (35% for the full-year, based on prior guidance), but the actual 4Q rate came in at 35.5%. On our model, this helped 4Q by a $0.02. Even adjusting for that, 4Q's $1.36 was ahead of consensus. Bumping PT, but maintain Hold, as current better trends, balanced by risks from high expectations and higher prices/sourcing costs." At the time of posting, shares of ANF were trading at $57.05, down 0.71% from Wednesday's close.