Citi Reports ANF Analyst Day Preview

Citi has issued a report previewing Abercrombie & Fitch Co.'s ANF Analyst Day. According to Citi, "ANF will hold an analyst day on April 5th at its HQ in Ohio. The key, in our view, will be whether the ramp in international sales (which carry a profit margin of ~20% versus the 8% consolidated margin in 2010) can offset a more downbeat gross margin picture across 2H11. The meeting will likely highlight the merchant teams under CEO Mike Jeffries, the sales build for international, and the near and long-term assumptions for operating profit. We expect management to roll out its targets for 2013." ANF has a Buy Rating and a $66.00 Price Target. AND closed yesterday at $55.44 a share.