NEW ALBANY, United States — Abercrombie & Fitch Co. shares fell for a second straight day after the stock was downgraded by FBR & Co., blaming slow progress in the retail chain's comeback bid.

FBR analyst Susan Anderson lowered her recommendation to a neutral rating from the equivalent of a buy. The company is suffering from image problems, and margins are getting squeezed overseas, she said in a report Tuesday.

“The company’s brand image turnaround is still in progress and benefits from initiatives are still a ways out,” Anderson said.

The shares fell as much as 4.2 percent to $21.20 in New York on Tuesday, following a drop of 6.2 percent the previous day. The stock had already lost 18 percent of its value this year through the end of last week, reflecting concerns about Abercrombie’s turnaround.

Abercrombie has been trying to make its stores and products more appealing to teens, who have turned away from the brand in favor of fast fashion and online options. The New Albany, Ohio-based company also has been without a chief executive officer since December, when longtime head Mike Jeffries stepped down. At the same time, Abercrombie faces sinking traffic in malls and a strong dollar, which reduced its international sales last quarter.

By Nick Turner; editor: John Lear.