Abercrombie & Fitch Upgraded To Hold At Wunderlich, Price Target Raised To $21

Abercrombie & Fitch Co. [anf] was upgraded to hold from sell at Wunderlich and its price target raised to $21 from $15. The firm also increased its earnings per share estimate for fiscal 2016 to 71 cents from 66 cents, and fiscal 2017 to $1.08 cents from 79 cents. The firm based its upgrade on favorable shifts in style at the Hollister and Abercrombie brands. The firm believes same-store sales expectations for the company are too low and the search for a new chief executives would normally be a positive for investors. And the impact of the euro is reduced by the company's repricing. Abercrombie & Fitch stock is down 28.7% for the year so far. The S&P is down 1.3% for the same period.