We think ANF's brands have strengthened their position in Specialty Retail and are capable of delivering solid growth beyond FY26. We forecast a 12% 5-yr. EPS CAGR and believe this potential is at the stock's current 9.5x FY2 P/E. In our view, this valuation reflects concerns regarding ANF's ability to sustain comps against challenging multiyear compares. Turning to Q2, our analyses indicate ANF had a decent Q2 reflecting stable trends across its brands. We forecast a 7c Q2 EPS beat due to better than antic ...