With Abercrombie & Fitch shares trading down 14% after its earnings report, its enterprise value now stands at just ~$700M, representing an implied fiscal 2020 enterprise value to EBITDA ratio of just 2.0 times, making shares "too cheap to ignore," Citi analyst Paul Lejuez tells investors in a research note. While progress on EBIT margin is being held back by tariffs this year, underlying fundamentals of both A&F and Hollister remain solid, contends the analyst. He lowered his price target for the stock to $29 from $35 and keeps a Buy rating on Abercrombie shares.