Abercrombie & Fitch price target raised to $149 from $147 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Abercrombie & Fitch to $149 from $147 and keeps an Equal Weight rating on the shares. A&F delivered “yet another beat & raise with strong fundamentals,” but the stock traded down 5%, which the firm thinks reflects investors’ increasing fear of a sales and margin reversion. The firm thinks this overhang could remain despite ongoing momentum, keeping the stock range-bound, the analyst added.