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Fly News Breaks for March 22, 2016
ANF
Mar 22, 2016 | 07:05 EDT
Jefferies analyst Randal Konik raised his price target for Abercrombie & Fitch to $50 from $40 and named the stock a new Franchise Pick for his firm. The retailer's earnings recovery is only in the beginning stages amid improving industry trends and its lower cost structure, Konik contends. The analyst raised his FY18 earnings per share estimate to $2.00, while the consensus is below $1.50, and he thinks $3.00 in earnings is "not too far thereafter." Abercrombie shares can go "much higher from here," Konik tells investors in a research note. The analyst keeps a Buy rating on the shares.
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