(b) Assume Abercrombie & Fitch (ANC) stock closed at 877 56 on March 2, 2011. How does your valuation estimate compare with this chening price? What do you believe are some reasons for the difference? Ostock prices are a function of many factors. It is impossible to speculate on the reasons for the difference. Oour stock price estimate is lower than the ANF market price, indicating that we believe that ANF stock is overvalued, Stock prices are a function of expected NOPAT and NOA well as the WACC discount rate. Our lower stock price estimate might be due to more pessimistic forecasts or a higher discount rate compared to other investors and analysts' model assumptions Oour stock price estimate is lower than the ANF market price, indicating that we believe that ANF stock is overvalued. Stock prices are a function of expected NOPAT and NOA well as the WACC discount rate. Our lower stock price estimate might be due to more optimistic forecasts or a lower discount rate compared to other investors and analysts model assumptions. Our stock price estimate is lower than the ANF market price, indicating that we believe that ANF stock is undervalued. Stock prices are a function of expected NOT and NOA 23 well as the WACC discount rate. Our lower stock price estimate might be due to more optimistic forecasts or a lower discount rate compared to other investors and analystsmodel assumptions