Apparel retailer🐭 Abercrombie & Fitch lifted its end-of-year outlook today. Its shares are falling anyway. 

Some of that might be attributable to an iffy day for stocks, with the S&P 500 recently down about 3%. But the scale of Abercrombie’s (ANF) move—the shares were reꦜcently down about 19% to roughly $130, undoing some recent upward momentum that🦩 started around mid-December—suggests more serious investor disappointment. 

The details: Abercrombie told investors to expect fourth-quarter net sales growth of 7% to 8%, up from an earlier estimate of 5% to 7%. (It also lifted its guidance for quarterly operating margins, among other﷽ things.) 

It may be that investors expected a bigger upside surprise or a longer-term update. Based on Visible Alpha data, analysts were looking for quarterly revenue growth of about 7%. The preannouncement came ahead of a planned appearance by management at an investor conference Monday morning. 

Some on Wall Street figured the long-term story is still good. Analysts are broadly bullish on the shares, which have climbed over the past 12 months, and Jeffries—which has a “buy” rating and a $220 price target on the stock, the latter which is substantially higher than Visible Alpha’s consensus—called today’s drop an “opportunity.”