Argus upgraded Abercrombie & Fitch (ANF) to a "Buy" rating. The firm previously rated the stock "Hold." Argus set a new price target of $162.00.
The upgrade follows strong second-quarter performance. Abercrombie & Fitch reported significant sales growth. The company also expanded its margins.
Argus had awaited clear evidence of a sales turnaround. Analysts now see sustainable growth momentum. They observe revitalization across both the Abercrombie and Hollister brands. This prompted the more optimistic outlook.