SunTrust Downgrades Oxford Industries (OXM) to Neutral
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SunTrust Robinson Humphrey downgrades Oxford Industries (NYSE: OXM) from Buy to Neutral.
The firm said, "Given the current environment, the tapering of estimates by department stores and some mass merchants as well as the persistent refrain 'lack of visibility' in terms of discretionary consumer spending, we see little opportunity to raise either our estimates or price/earnings multiple. OXM is within striking distance (6%) of our $27.00 price target and near term we believe there are no catalysts for upside momentum leading to positive earnings revisions."
The firm highlights that the company "continues to execute a strategy that, while slowly developing, should bear fruit over time." Also, the firm highlights that the "legacy divisions have either been eliminated or pruned unless operating hurdle rates have been met." In addition, the lifestyle branded group continues to improve in positioning, in the firm’s opinion.
Oxford Industries, Inc. engages in the design, production, sale, and distribution of branded and private label apparel for men, women, and children.
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