Barclays downgraded Abercrombie & Fitch (ANF) to Underweight from Equal Weight with a price target of $76, down from $95. The stock’s risk/reward has “turned asymmetric” versus peer American Eagle (AEO), the analyst tells investors in a research note. The firm says that in Q1, Abercrombie saw a promotional inflection at Hollister from “flat” to “deeper,” while the namesake brand remained “flat.” Barclays cites macro uncertainty and intensifying competition for the downgrade.
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