J.P. Morgan positive on retailers ahead of results; upgrades Abercrombie & Fitch
** Shares of apparel retailer Abercrombie & Fitch ANF.N rise 3.34% at $163.81 premarket
** J.P. Morgan upgraded ANF to "overweight" from "neutral" on rising apparel demand and brand momentum building internationally; raises PT to $194 from $167
** Brokerage also increased the price targets on Boot Barn BOOT.N to $146 from $125 and Burlington Stores BURL.N to $288 from $284
** Brokerage says the second half of 2024 to see a "meaningful increase in penetration of higher quality brands"
** JPM downgraded Savers Value Village to "neutral" from "overweight" as it expects Q2 same-store-sales growth and EPS below consensus with a negative revision to FY24 guidance
** ANF and BURL expected to post results in August, BOOT to report results in July - LSEG
** YTD, ANF up ~79%, SVV down ~33%, BOOT up ~56% and BURL up ~26%
Company | New PT | Old PT | Median PT -LSEG data |
Abercrombie & Fitch ANF.N | $194 | $167 | $193 |
Boot Barn BOOT.N | $146 | $125 | $140 |
Burlington Stores BURL.N | $288 | $284 | $274 |
Savers Value Village SVV.N | $12 | $21 | $22 |
Reporting by Kanchana Chakravarty in Bengaluru
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