Cowen Reiterates Market Perform on Movado Group (MOV)
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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."
Shares of Movado Group Inc. closed at $22.80 yesterday.
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