The firm lowered the price target to $30 from $50 for the specialty retailer of casual apparel.
Oppenheimer also lowered its annual EPS estimates to $1.64 from $2.15 for fiscal 2014, and to $1.90 from $2.50 for fiscal 2015.
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The firm said it lowered the rating for Abercrombie & Fitch because of lack of visibility regarding brand turnaround, and mounting uncertainty around international sales which make near-term projections less clear.
"Lack of visibility on brand turnaround domestically (especially at Hollister, 51% total sales, given heightened competition for younger teen customer) and mounting uncertainty around international (30% of sales, ~80% profits) make near-term earnings trajectory less clear," said Oppenheimer analyst Anna Andreeva.
Separately, TheStreet Ratings team rates ABERCROMBIE & FITCH as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate ABERCROMBIE & FITCH (ANF) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its increase in net income, good cash flow from operations and largely solid financial position with reasonable debt levels by most measures. However, as a counter to these strengths, we find that the company's return on equity has been disappointing."