- Abercrombie & Fitch (ANF -0.7%) is downgraded to Sell from Hold with a $13 price target, trimmed from $14, at Deutsche Bank, which says earnings results will come in below expectations in the coming year as the Abercrombie brand turnaround has yet to gain traction.
- "We see a prolonged recovery for [ANF] reflecting the competitive environment, merchandise miscues and tourism headwinds," Deutsche Bank analyst Tiffany Kanaga wrote in a note titled "Pre-Thanksgiving Rally Full of Stuffing, Not Meat"
- "Without ANF participating in the perceived industry inflection, and without visibility as to when it might see a lessening or reversal of tourist and international challenges, we lack the key catalyst necessary to drive better comps," according to Kanaga.