Piper Jaffray Reiterates Overweight Rating on Abercrombie & Fitch (ANF)

After meeting with management, Piper Jaffray & Co. reiterated its Overweight rating on Abercrombie & Fitch ANF today. Citing "high international gross margins, strong tourist demand, and upcoming flagship openings," Piper Jaffray confirmed its $54 price target. Piper Jaffray remains cautious of risks that could detract from Abercrombie & Fitch's bottom line. "Volatile traffic trends, competition, foreign exchange and markdown risk" are among the factors that could impede stock growth. Abercrombie & Fitch Co. (A&F) through its subsidiaries, is a specialty retailer that operates stores and direct-to-consumer operations. Abercrombie & Fitch shares are trading down to $33.98 in early afternoon trading.