UPDATE: Cowen Downgrades Iconix Brand (ICON) to Market Perform

(Updated - April 2, 2015 8:13 AM EDT)

Cowen downgraded Iconix Brand (NASDAQ: ICON) from Outperform to Market Perform with a price target of $36.00 (from $40.00).

Analyst John Kernan commented, "We are moving to the sidelines on ICON and lowering our price target to $36 from $40 following the resignation of the CFO and uncertainty over the direction of free cash flow. We were too optimistic in our cash flow projections and uncertainty over the trajectory of organic growth and the monetization of intellectual property to JV partners has made forecasting ICON's business more challenging."

For an analyst ratings summary and ratings history on Iconix Brand click here. For more ratings news on Iconix Brand click here.

Shares of Iconix Brand closed at $33.77 yesterday.

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