Stifel Affirms Men's Wearhouse (MW) at Buy, Comments on Q2 Results

Stifel affirms its Buy rating and $64 price target on Men's Wearhouse (NYSE: MW) following Q2 results reported Wednesday night.

Analyst Richard Jaffe offered the following commentary:

• Solid 2Q in a Tough Environment: Despite the distraction of the Jos. A. Bank’s transaction, MW was able to achieve solid positive comps in 2Q. MW comps increased 4.4%, K&G increased 5.6%, and Moore’s increased 10.2%. JAB’s comps increased 1%, a slight deceleration from the update of +2.4% mid-quarter.

• Strong Tuxedo Rental Comp: The high margin tuxedo rental business comped +9.1% in 2Q. We anticipate continued strength as the company offers better brands and eventually rolls out the service to all JAB stores.

• Early Results from Joseph Abboud Positive: Management indicated that early results from Joseph Abboud are strong. The addition of Joseph Abboud apparel adds a level of style and sophistication to the MW offerings that we believe will command a higher retail price, lifting sales and profits, similar to the impact that Vera Wang tuxedos had on the tux rental business.

For an analyst ratings summary and ratings history on The Men's Wearhouse, Inc. click here. For more ratings news on The Men's Wearhouse, Inc. click here.

The Men's Wearhouse, Inc. closed at $53.87 yesterday.

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