JP Morgan raises Abercrombie's PT on strong brand momentum, shares rise
Updates
** Shares of apparel retailer Abercrombie & Fitch ANF.N jump 6% to $142.16 in early trade
** Stock set for its best day in about four months, if gains hold
** Brokerage JP Morgan raises PT to $195 from $194 and retains "overweight" rating; adds it to positive catalyst watch
** Notes new customer acquisition at ANF's Hollister and fewer promotional activities could aid margins and pricing
** Strong momentum owing to investment in incremental marketing to increase engagement and reintroduce Hollister to the target audience of 13-21 year olds
** Says ANF using West Coast ports as major ports of entry and that supply chain teams have been able to navigate ahead of the East Coast port strike disruptions
** Five of nine brokerages rate the stock "buy" or higher and four "hold", with a median PT of $190
** Up to Thursday's close, stock had risen ~52% YTD
Reporting by Neil J Kanatt in Bengaluru
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