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Abercrombie shares surge after record quarterly results and raised guidance

The retailer said its Abercrombie brand grew 8% year over year, and it also announced a new share repurchase program.

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Abercrombie & Fitch Co. shares rallied sharply after the company posted record quarterly results and management raised guidance for the rest of the year, MarketBeat Ratings said.

The report highlighted strength across the business, including 8% year over year growth for the Abercrombie brand and progress at Hollister, supported by a deal that places its clothing in more than 1,500 Target stores.

Abercrombie also announced a fresh share repurchase program, which MarketBeat Ratings characterized as a signal that the company views its shares as undervalued.

Following the results, Argus upgraded the stock to Buy and set a $162 price target, implying about 13% upside from recent prices, even as Citi had previously downgraded the shares citing a one-off tariff refund and stretched valuation.

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