On Friday before the opening bell, analyst firm Janney Montgomery upgraded Abercrombie & Fitch (ANF
) to “Buy” from “Neutral”
The firm based the upgrade on Abercrombie’s recent cost cutting measures, and that Janney believes ANF will come in ahead of its low sales expectations that it has set for itself. Janney has a price target of $49 on ANF, suggesting a 47.5% upside to the stock’s current price of $33.21.
Abercrombie stock was up $4.84, or 14.57%, in pre-market trading. The company is nearly 40% off its 52-week high.
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