On Wednesday, Jefferies, a global investment banking firm, increased its price target for Abercrombie & Fitch Co. shares, traded on the New York Stock Exchange (NYSE:ANF), to $149.00 from the previous $120.00. The firm maintained a Buy rating on the stock.
The adjustment in the price target comes after Abercrombie & Fitch demonstrated a notable performance in the apparel market. The retailer gained market share in the United States and internationally among both women and men's segments in 2023.
According to data from market research provider Euromonitor, the company improved its ranking by moving up four spots in the U.S. market and two spots globally.
The growth was particularly strong in specific categories, with jeans and outerwear being the top-category gainers for Abercrombie & Fitch. Jefferies' analysis suggests that the company is well-positioned to continue this upward trajectory and further increase its market share.
Looking forward, Jefferies anticipates Abercrombie & Fitch to present a robust yet surpassable financial outlook for the fiscal year 2025. The firm's analysts believe that there is potential for the company's performance to exceed the current market expectations, which has been a contributing factor to the raised price target.
The updated price target of $149.00 reflects Jefferies' confidence in Abercrombie & Fitch's strategic position and its ability to outperform in the competitive apparel industry.
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