The letter of the day was ‘A’ as Abercrombie & Fitch, Alcoa and Apple all received analyst revisions on Monday. Abercrombie & Fitch was downgraded to UNDERPERFORM at Bank of America with a $20 price target set. With Europe accounting for one-third of sales, analysts fear a significant hit to earnings due to currency exposure. JPMorgan analysts downgraded Alcoa to NEUTRAL from OVERWEIGHT. Analysts said the downgrade was based on the downside risk given how much aluminum premiums have increased in recent years. Shares of Apple were seen as reaching $145 at Canaccord, $10 higher than previous price targets.
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