- Telsey Advisory Group analyst Dana Telsey reiterated an Outperform rating on the shares of Abercrombie & Fitch Co (NYSE:ANF) with a price target of $25.00.
- Despite a softening demand environment amid macro challenges to lower-income consumers and significant uncertainty in Europe, management struck a fairly positive tone during the investor meetings hosted by the analyst and her team.
- Inventory balances are expected to be right-sized to demand trends heading into the holiday, said Telsey.
- The analyst added that the pullback in orders from large players such as Walmart Inc (NYSE:WMT) and Target Corp (NYSE:TGT) creates a more favorable chase environment.
- Freight looks to finally become a tailwind to margin as well in Q4, with the benefit continuing into FY23, noted Telsey.
- The analyst continues to see a long-term margin expansion opportunity through a more productive store footprint and expanding digital penetration.
- Price Action: ANF shares are trading higher by 2.46% at $15.81 on the last check Friday.
ONEOK (NYSE:OKE) has outperformed the market over the past 20 years by 2.28% on an annualized basis producing an average annual return of 9.13%. Currently, ONEOK has a market capitalization of $26.41 billion.