Morgan Stanley raised the firm’s price target on American Eagle (AEO) to $23 from $17 and keeps an Equal Weight rating on the shares. A Q3 beat driven by across-the-board upside represents another quarter of “impressive” comp acceleration while raised Q4 guidance “likely proves achievable,” the analyst tells investors. While leaving the quarterly report more constructive on the out-year margin trajectory, the firm stays at Equal Weight given what it sees as a full valuation and “largely fair out-year estimates,” the analyst added.
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