As previously reported, Wedbush upgraded Abercrombie to Outperform from Neutral. The firm believes Abercrombie is near an inflection point with stabilizing margins and sales, leaner inventories, and earnings visibility, and views valuation as compelling. Price target raised to $45 from $30.
Yahoo Inc will buy blogging service Tumblr for $1.1 billion cash, giving the Internet pioneer a much-needed social …