Citigroup Ups Price Target on Abercrombie & Fitch Co. (ANF)

Citigroup is out with a research report this morning, where raises this year and next year's estimates on Abercrombie & Fitch Co. ANF; it also raised its price target to $66.00, from $57.00. The Citi analysts believe that AUR is poised for a rebound and that, coupled with costs which are expected to be flat for spring, should benefit margins while still driving healthy comps into 2011. The analysts see a +13% comp in December – that assumes a decline in trends over November's 22% comp as November was expected to be the strongest month of the quarter.