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Fly News Breaks for May 30, 2019
ANF
May 30, 2019 | 07:44 EDT
Wedbush analyst Jen Redding lowered her price target for Abercrombie & Fitch to $16 from $23, while reiterating an Underperform rating on the shares as current trends reflected in her proprietary data show deteriorating weekly cadence in May, and unexpected weakness at Hollister. At a minimum, the analyst believes guidance appears dependent on improving intra-quarter trends, and for now, Redding is not seeing signs of improvement at Abercrombie or Hollister, a view bolstered by similar insights from her revenue and margin data, mirroring bleak trends as the Memorial Day Holiday period closed across most of her data coverage.
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