Abercrombie (ANF) sheds 10%

Abercrombie & Fitch Co. (NYSE:ANF) may have fallen from grace with the younglings.

The company said Thursday that its November comparable store sales fell 17%, missing analysts' estimates of a 9.3% decrease, after bigger-than-expected declines across its namesake chain, Hollister and Abercrombie  shops. Total sales fell 8% to $245.7 million

This comes just days after Friedman, Billings, Ramsey analyst Adrienne Tennant upgraded the stock to "Outperform" from "Market Perform" and said traffic improved at Abercrombie & Fitch and its Hollister unit.

Abercrombie & Fitch has been losing market share in recent quarters to lower-priced competitors, such as Aeropostale Inc., as it kept prices high.

But Tennant said management has been more promotional over the past few months, and shoppers are responding. This suggests its brands "clearly are still front and center for customers, but that the price points have simply been unattainable."

The promotional activity is likely to boost market share, Tennant said, raising her price target to $46 from $39. That implies shares have room to rise 15.1 percent from Friday's close of $39.97.

Guess she was wrong!