J P Morgan Chase & Co Lowers Abercrombie & Fitch Company (ANF) to Underweight

J P Morgan Chase & Co downgraded shares of Abercrombie & Fitch Company (NYSE:ANF) from a neutral rating to an underweight rating in a report issued on Wednesday, MarketBeat Ratings reports. J P Morgan Chase & Co currently has $10.00 price target on the apparel retailer’s stock, down from their prior price target of $12.00.

“self-inflicted factors,” Boss wrote. The problem is management “sees no silver bullets” to drive a sustainable growth ahead and as SG&A efficiencies and other cost-saving programs will merely “fund the rising cost of relevance.”The topic of going private was also discussed in the meeting. Management acknowledged it has been approached by “more than one potential suitor” to go private but the board believes that staying a public company was “a better course of action to invest in the process at hand and drive shareholder value,” the analyst also said.”ANF’s earnings power going forward is increasingly dependent on the company’s ability to drive positive comps which appears increasingly too difficult in the worsening retail backdrop,” Boss wrote. “We are not convinced that ANF will see an inflection point in comps on a sustainable basis and see consistent EBITDA declines for the years ahead.,” the firm’s analyst wrote.

A number of other research analysts have also commented on ANF. Zacks Investment Research lowered Abercrombie & Fitch from a hold rating to a sell rating in a research note on Tuesday, August 8th. BMO Capital Markets set a $14.00 target price on Abercrombie & Fitch and gave the company a hold rating in a research note on Tuesday, August 8th. Jefferies Group LLC restated a hold rating and issued a $12.00 target price on shares of Abercrombie & Fitch in a research note on Thursday, September 28th. FBR & Co cut their target price on Abercrombie & Fitch from $13.00 to $11.00 and set a neutral rating for the company in a research note on Tuesday, August 15th. Finally, Telsey Advisory Group upped their target price on Abercrombie & Fitch from $11.00 to $12.00 and gave the company a market perform rating in a research note on Friday, August 25th. Seven equities research analysts have rated the stock with a sell rating, fifteen have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of Hold and a consensus price target of $12.24.

Shares of Abercrombie & Fitch (ANF) opened at $11.82 on Wednesday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.21 and a current ratio of 2.16.

Abercrombie & Fitch (NYSE:ANF) last issued its earnings results on Thursday, August 24th. The apparel retailer reported ($0.16) EPS for the quarter, beating analysts’ consensus estimates of ($0.33) by $0.17. The business had revenue of $779.00 million during the quarter, compared to analyst estimates of $758.57 million. Abercrombie & Fitch had a negative return on equity of 0.79% and a negative net margin of 0.62%. Abercrombie & Fitch’s revenue was down .5% on a year-over-year basis. During the same period in the prior year, the company posted ($0.25) earnings per share. equities research analysts forecast that Abercrombie & Fitch will post -0.01 EPS for the current year.

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Institutional investors have recently bought and sold shares of the stock. Cornerstone Capital Management Holdings LLC. bought a new position in Abercrombie & Fitch in the second quarter valued at about $114,000. Old Mutual Global Investors UK Ltd. bought a new position in Abercrombie & Fitch in the third quarter valued at about $133,000. Suntrust Banks Inc. boosted its holdings in Abercrombie & Fitch by 3.9% in the second quarter. Suntrust Banks Inc. now owns 13,257 shares of the apparel retailer’s stock valued at $164,000 after acquiring an additional 492 shares during the last quarter. State of Alaska Department of Revenue boosted its holdings in Abercrombie & Fitch by 79.7% in the second quarter. State of Alaska Department of Revenue now owns 13,427 shares of the apparel retailer’s stock valued at $167,000 after acquiring an additional 5,957 shares during the last quarter. Finally, Quantitative Investment Management LLC bought a new position in Abercrombie & Fitch in the second quarter valued at about $170,000. Institutional investors and hedge funds own 98.43% of the company’s stock.

About Abercrombie & Fitch

Abercrombie & Fitch Co is a specialty retailer who primarily sells its products through store and direct-to-consumer operations, as well as through various wholesale, franchise and licensing arrangements. The Company operates through two segments: Abercrombie, which includes the Company’s Abercrombie & Fitch and abercrombie kids brands, and Hollister, which includes the Company’s Hollister and Gilly Hicks brands.

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