Abercrombie & Fitch approves $150M accelerated share repurchase The company announced that the Board of Directors has approved a $150M Accelerated Share Repurchase to be executed during the first quarter of FY14, pursuant to the existing open share repurchase authorization of 16.3M shares. "The Accelerated Share Repurchase reflects the Board of Directors and the Company's confidence in the Company's ability to achieve significantly improved performance and create sustainable value for shareholders. The Company anticipates additional share repurchases over the course of the year, utilizing free cash flow generated from operations in addition to utilization of existing or additional credit facilities," A&F said.
American Eagle downgraded to Sell from Neutral at Goldman Goldman Sachs downgraded American Eagle (AEO) to Sell saying it sees 29% downside risk over the next six months. Goldman believes declining mall traffic and "aggressive competition" from low cost stores puts the retailer in a multi-year period of diminishing productivity, margins, and returns. Its six-month price target for American Eagle is $12. Shares of the retailer closed yesterday up 17c to $16.92. Goldman lists Ann Inc. (ANN), Abercrombie & Fitch (ANF) and American Eagle as its top sell ideas in the Specialty Apparel space. Its lone Buy rated name in the group is Urban Outfitters (URBN).