Oppenheimer Raises PT on Abercrombie & Fitch to $60 (ANF)

Oppenheimer is out with its report today on Abercrombie & Fitch ANF, raising its PT from $54 to $60. In a note to clients, Oppenheimer writes, "We are forecasting FY4QE EPS of $1.30, which is in line with consensus and compares to $0.91 in the year-ago period. We believe expectations heading into the quarter are fairly high and are hoping for updates on cotton and manufacturing costs, inventory commitments, domestic store closures, international growth, denim positioning and the ability to navigate the fashion shift that is occurring on the girls' side. Reiterate Outperform." Shares of ANF closed Monday at $54.50, down 0.71% from Friday's close.