UPDATE: Deutsche Bank Color on Abercrombie & Fitch PT Increase

Deutsche Bank, which raised its PT on shares of Abercrombie & Fitch Co. ANF, is providing some color on the stock. “While 1Q EPS was very strong, including the underlying benefit of two mix shifts, U.S. to foreign and stores to the internet, we think that investors and valuation already largely account for sales and margin opportunities for the foreseeable future,” Deutsche Bank writes. “Primarily, the key 1Q GM driver, lower product cost, will reverse meaningfully beginning within 2Q, without the benefit of higher product prices (which begin in 2H).” Abercrombie & Fitch closed Wednesday at $75.69.