Cowen Remains Sidelined on Movado Group (MOV) After Meeting with Management
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Cowen reiterated a Market Perform rating and $24.00 price target on Movado Group Inc. (NYSE: MOV) after meeting with management. Cowen came away from the meeting encouraged that MOV is taking a thoughtful approach to adapting its watch business to changes in consumer trends.
Analyst Oliver Chen commented, "Cowen meeting focused on key learnings from internal research on the Millennial consumer, channel dynamics, new Fall/Holiday product & marketing, thoughts on balance sheet/cash flow profile, and managing licensor relationships. Reit. Market Perform as we remain cautious on the overall watch sector and monitor for improving U.S. dept. store trends and fashion watch category growth stabilizing."
Shares of Movado Group Inc. closed at $21.62 yesterday.
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