Cowen Reiterates Market Perform on Movado Group (MOV)

August 26, 2016 11:02 AM EDT
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Price: $21.50 -1.6%

Rating Summary:
    4 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 25 | Down: 28 | New: 8
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Cowen reiterated a Market Perform rating and $24.00 price target on Movado Group Inc. (NYSE: MOV) following the company's 2Q earnings report.

Analyst Oliver Chen commented, "MOV 2Q -4c EPS Miss vs. Street driven by softer sales, partly offset by better GM (+90bps) & lower SG&A. MOV prudently cuts FY guidance as US dept store channel & fashion watch category still under pressure. Reit. Market Perform w/ $24PT as we monitor for combo of product innovation pipeline, digital & enhanced marketing driving better 2H. Next catalyst: Cowen-hosted MOV CFO meeting on 9/7."

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 $22.80 yesterday.

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