Abercrombie & Fitch price target lowered to $168 from $189 at JPMorgan

JPMorgan lowered the firm’s price target on Abercrombie & Fitch to $168 from $189 and keeps an Overweight rating on the shares following Q4 results. End of season carryover is entirely Q1 weighted at the Abercrombie & Fitch brand and solely tied to the year-over-year transition to Spring in Q1, JPMorgan told investors in a research note. The firm added that Q1 faces three margin headwinds in carryover normalization, freight and marketing.