Piper Jaffray Remains Overweight on Abercrombie & Fitch (ANF)

Piper Jaffray is out with its report today on Abercrombie & Fitch ANF, maintaining Overweight and a $69 PT. In its note to clients, Piper Jaffray writes, "We maintain our Overweight rating on shares of ANF after the company reported January comps that declined (-4%). While January came in below PJC's flat estimate, consensus' estimate of (-1.9%), and LY's +8%, we view strong Q4 comps of +13% and FY11 comps of +7% as the more important positive indicator that the company is building sales consistency. Based off the strength of FQ4 sales, we are raising our EPS estimates as follows: FQ4 from $1.25 to $1.34 and FY11 from $1.93 to $2.02. Our $69 price target remains unchanged." At the time of posting, shares of ANF were trading pre-market at $49.85, up 0.12% from Thursday's close.