Piper Jaffray Raises Price Target on Inter Parfums (IPAR) Following 2Q Results and Guidance
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings
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