Abercrombie & Fitch: stock boosted thanks to UBS

(CercleFinance.com) - Abercrombie & Fitch shares escaped the downward pressure on the New York Stock Exchange on Friday, thanks to a rating upgrade from UBS analysts (cp: +6.
2%).

In its morning morning, the broker upgraded shares in the US ready-to-wear group to "buy", with a target price raised from $173 to $220.

According to UBS, the clothing brand - whose momentum has been steadily improving in 2022 and 2023 - could win market share by returning to second-tier geographic markets it had previously neglected.

Analysts also point out that the brand is gaining in strength internationally, with a growing reputation in the UK and Germany.

UBS expects sales to grow by an average of 7% over the next five years, driven by a stronger product range, increased investment in marketing, a recovery in international business and a better balance between in-store and online sales.


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