Bit of a mixed bag for Abercrombie & Fitch (ANF: sentiment, chart, options) this morning, as it received an upgrade and a price-target cut. Last night, Citi Investment Research upped ANF to "hold" from "sell," noting that expectations are now "appropriately conservative." The upgrade comes just a day after the company reported a 14% drop in September same-store sales. In addition, ANF forecast earnings for the second half of the year that will come in "well below" earlier predictions. In addition to all of this news, ANF issued third-quarter expectations that were lower than the Street's prediction. In response to this news, ANF shed roughly 15% yesterday.

I noted conflicting moves for ANF, which includes Friedman's decision to cut the firm's price target to $34, a full $11 cut. This decision was announced along with a bevy of lowered price targets in the retail sector. Friedman attributed the move to weak September same-store sales and expectations for a weak fiscal year. At last check, ANF is continuing its slide - shedding more than 2.5%.