S&P Equity Research Downgrades Warnaco Group (WRNC) to Hold
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S&P Equity Research downgrades Warnaco Group (Nasdaq: WRNC) from Buy to Hold.
S&P analyst, J. Asaeda, says, "Our downgrade is based on valuation. Q4 operating EPS of $0.43 vs. $0.55 beats our $0.39 estimate. On global growth in Calvin Klein jeans/underwear, net revenues of $473M topped our $441M estimate. We have concerns about the near-term strength of the U.S. market but see ample growth opportunity in WRNC's higher-margin international business. We also look for the company to leverage shared corporate costs and direct sourcing to offset rising selling/marketing costs. We reiterate our '08 operating EPS estimate of $2.54 and our 12-month target price of $40."
The Warnaco Group, Inc. (Warnaco Group) designs, sources, manufactures, markets, licenses and distributes a line of intimate apparel, sportswear and swimwear worldwide.
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