03:15 PM EDT, 08/15/2024 (MT Newswires) -- Abercrombie & Fitch's ( ANF ) Q2 sales momentum may lead earnings per share to top estimates by 16 cents and spur a boost in 2024 guidance, UBS Securities said Thursday in a report.

Wall Street is already modeling 2024 EPS above the company's implied outlook, likely limiting the extent of upward revisions to sell-side estimates, UBS said. "We believe the market already anticipates a beat-and-raise report."

Sentiment toward the company is "bullish," despite recent underperformance, and Abercrombie & Fitch ( ANF ) is expected to raise its 2024 EPS outlook to $9.75 to $10.50 and provide Q3 guidance that aligns with the Wall Street's $2.31 estimate, UBS said.

UBS has a neutral rating on Abercrombie & Fitch ( ANF ) and maintained its price target at $193. Q2 results are scheduled for Aug. 28.

Abercrombie & Fitch ( ANF ) shares rose 5.2% in recent trading Thursday as consumer stocks paced a broad market rally.

Price: 161.07, Change: +7.98, Percent Change: +5.22