Cowen Cuts Price Target on Movado Group (MOV) to $24 Following 1Q
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Rating Summary:
5 Buy, 3 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 20 | Down: 14 | New: 22
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Cowen maintained a Market Perform rating on Movado Group Inc. (NYSE: MOV), and cut the price target to $24.00 (from $29.00), following the company's 1Q earnings report. On the call, management commented that the fashion watch category in the U.S. appears to be suffering from over-saturation with too many brands, too much sameness, too much distribution, and not enough newness to drive excitement in the category among consumers.
Analyst Oliver Chen commented, "MOV delivered +3c beat with 1Q EPS of $0.19 vs. Street’s $0.16E driven largely by strong gross margin expansion (+200bps). We reit. Market Perform and lower PT to $24, reflecting muted FY17 outlook for sales & EPS. We continue to monitor launch of multiple new product families expected to drive improvement in 2H."
For an analyst ratings summary and ratings history on Movado Group Inc. click here. For more ratings news on Movado Group Inc. click here.
Shares of Movado Group Inc. closed at $21.56 yesterday.
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