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Piper Jaffray Keeps Outperform on Abercrombie & Fitch

Abercrombie & Fitch (ANF) posts 63 cents, vs. 44 cents second-quarter earnings per share. Piper Jaffray maintains outperform rating and cuts earnings estimates.

Analyst Jeffrey Klinefelter says the company reported lower-than-expected second-quarter EPS, and gross margin fell short of last year's 70%. He believes fiscal year 2006 (January) management guidance of $2.7 billion revenue is bullish, yet its EPS guidance increase to $3.10-$3.30 is still short of the consensus EPS estimate of $3.38.

Klinefelter raises fiscal year 2006 revenue estimate to $2.63 billion from $2.55 billion, and fiscal year 2007 revenue to $3.04 billion from $2.96 billion.

He cuts fiscal year 2006 EPS estimate to $3.30 from $3.38, and fiscal year 2007 to $3.90 from $4.00 to account for higher store expenses. He also reduces price target to $78 from $88.

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