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Ahead of the Bell: Abercrombie & Fitch

Abercrombie & Fitch up in premarket as company raises full-year adjusted earnings forecast

Associated Press

NEW YORK (AP) -- Abercrombie & Fitch's stock is surging in premarket trading on Friday as the company boosted its full-year adjusted earnings forecast.

On Thursday Abercrombie & Fitch Co. lifted its adjusted earnings outlook to a range of $1.55 to $1.65 per share. It previously predicted $1.40 to $1.50 per share. The outlook does not include charges related to the company's restructuring plans and other items.

Analysts polled by FactSet expect earnings of $1.48 per share.

Adrienne Tennant of Janney Capital Markets upgraded the retailer's rating to "Buy" from "Neutral" and raised its price target to $49 from $34.

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In a client note, the analyst said that the upgrade was due to several factors, including the company's cost-cutting efforts, improving domestic and international sales and its desirable brands.

Shares of Abercrombie & Fitch rose $5.58, or 16.8 percent, to $38.79 in premarket trading about two hours before the market open.