Barclays maintains an 'Overweight' on Iconix Brand (ICON); Cutting Numbers As Challenges Mount

April 26, 2012 3:31 PM EDT
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Price: $10.42 --0%

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Barclays maintains an 'Overweight' on Iconix Brand (NASDAQ: ICON) price target slashed from $27 to $20.

Analyst, Robert S. Drbul, said, "Revenue declined 4.2% to $88.5 million, pressured by the transition of Royal Velvet to a new DTR license with J.C. Penney (NYSE: JCP) and continued softness in the men's brands, particularly Rocawear and Ecko...Ecko was most pressured in the footwear business, licensed by Skechers (NYSE: SKX)...Given challenges and transitions within the portfolio, we view 2012 conservatively and are lowering our 2012 and 2013 EPS estimates to $1.70 and $1.95, from $1.80 and $2.00, respectively, which now include the impact of buybacks."

For an analyst ratings summary and ratings history on Iconix Brand click here. For more ratings news on Iconix Brand click here.

Shares of Iconix Brand closed at $14.53 yesterday.

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