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Abercombie: Jefferies cuts target price

( - Jefferies maintains its "hold" rating on the Abercombie & Fitch share, having cut its corresponding target price from 24 dollars to 20 dollars, the day after the teen clothing group published its results.

"1Q came in ahead of expectations, but this was overshadowed by the soft 2Q comp/GM guide and elevated FY opex related to actions taken to rationalize the int'l flagship footprint," the broker explained.

While we encouraged by actions taken to reduce the headwind from underperforming stores, Jefferies seems concerned by the group's increased reliance on performance in H2 to meet its FY targets.

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