Piper Jaffray Raises Price Target on Inter Parfums (IPAR) Following 2Q Results and Guidance
- Top 10 News for 12/2: Crude Rips on OPEC Cut; Starbucks' Schultz Steps Down; Nonfarm Payrolls Flat in Nov.
- Unemployment Rate Drops to 4.6%
- Bond yields slip on U.S. jobs data, euro steady before Italy vote
- Alibaba (BABA) Founder Jack Ma Discuss Plans to Retire; 'I Don't Want to Die at the Office'
- Starbucks Coffee (SBUX) CEO Howard Schultz to Step Down, Appointed Executive Chairman; Kevin Johnson New CEO
Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.
Piper Jaffray reiterated a Neutral rating on Inter Parfums (NASDAQ: IPAR), and raised the price target to $33.00 (from $29.00), following the company's 2Q earnings report. For 2H sales are expected to grow 8-9% y/y, weighted more heavily toward Q3, traditionally the largest quarter. Adjusted FY16 EPS guidance of $1.05-$1.10 was reiterated and brackets the street at $1.08.
Analyst Stephanie Wissink commented, "We are maintaining our Neutral view of shares but raising our PT to $33 following IPAR's Q2 conference call given greater visibility in brand launches and consistency in margin improvement. We remain confident in the slate and cadence of launches in the back half of the year, including the new women's Coach scent and the continued geographic roll-out of A&F and Hollister fragrances, and have a better understanding of 2017 opportunities including new launches from Hollister, Abercrombie Women, Lanvin, Rochas, and Montblanc. While we have adjusted sales estimates upward in FY17, we remain on the sidelines given timing variability. Further FY17E guidance is anticipated in the November report when product launch times are set. Given these factors, our multiple increases 1x and our PT moves to $33 based on 25x FY17E EPS."
Shares of Inter Parfums closed at $34.05 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Drexel Hamilton Raises Price Target on Workday (WDAY) Following 3Q Beat
- Cowen Cuts Price Target on Workday (WDAY) Following 3Q
- Jefferies Cuts Price Target on Eros Int'l (EROS) to $18 Following Multi-Year Deal
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!