S&P Equity Research Downgrades Inter Parfums (IPAR) to Sell
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- S&P Equity Research Downgrades Inter Parfums (IPAR) to Sell
S&P Equity Research downgrades Inter Parfums (Nasdaq: IPAR) from Hold to Sell.
S&P analyst, L. Braverman, says, "IPAR posts Q1 EPS of $0.42 vs. $0.28, matching our estimate but above Street's $0.36. Sales growth of 45%, including 10% from forex, had been announced earlier, and benefitted from the launch of Burberry's The Beat fragrance as well as strong growth from other Burberry fragrances. Because of timing, marketing costs were less than we expected, but this was offset by a higher tax rate. We are lowering our full-year '08 EPS estimate by $0.02 to $1.40 primarily to reflect our slightly higher tax forecast for rest of year. We keep our $28 P/E-based 12-month target price."
Inter Parfums, Inc. operates in the fragrance business, and manufactures, markets and distributes various fragrances and fragrance related products. [SM]
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