Markets & Finance

Prudential Upgrades Abercrombie & Fitch

Prudential upgrades Abercrombie & Fitch (ANF) to neutral from underweight.

Analyst Stacy Pak says her rationale for her upgrade reflects her belief that comparable sales in teen/young adult sector have continued to be pretty good.

She also notes that Abercrombie & Fitch's comparable sales and leverage will be better than she anticipated, selling, general and administrative costs exclusive of store expenses and bonus will likely grow with square footage.

Park raises her $2.76 fiscal 2006 (ending January) earnings per share estimate to $3.05 and $3.05 fiscal 2007 to $3.50. She raises her $45 target to $54.

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