BUZZ-Abercrombie & Fitch rises as Citi upgrades after post-earnings selloff

** Abercrombie & Fitch's ANF.N shares up 2.2% at $145.29 premarket after Citi upgrades to "buy" from "", saying selloff provides opportunity to own "this unique asset"

** ANF shares on Weds tumbled 17% to close at $138.31 after apparel retailer's Q2 beat and sales forecast lift failed to meet lofty expectations

** Citi says Q2 report illustrates ANF's strong position as market share winner and views co's 2024 EPS guidance as conservative

** Among 10 reasons it believes the ANF "story is over", Citi cites strength in Hollister, opportunities for global store growth and category expansion, "pristine" balance sheet, stock repurchase about to ramp up, and attractive valuation vs lower growth peers

** Citi sticks with $190 PT, saying that implies F25E P/E multiple of 15.7x and an EV/EBITDA multiple of 10x

** 4 of 9 brokerages covering ANF rate stock "strong buy" or "buy", rest "hold" and median PT is $190 - LSEG

** Through Thurs close, shares up 61% YTD. Stock ended 2022 at $22.91

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))