Bullish case
$190 to $235
More likely if Abercrombie defends margins against tariffs, APAC keeps growing at a double-digit rate, buybacks continue near $450 million, and the market re-rates the stock to about 14x to 15x earnings on 10% annual EPS growth from the fiscal 2026 midpoint of $10.60 (financial_rigor.py anchor near $211.6).