Morgan Joseph Upgrades Movado (MOV) to Buy; Worst Appears Behind Them
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Morgan Joseph upgrades Movado (NYSE: MOV) to Buy. Price target $16.
Morgan analyst says, "Movado's 1H performance exceeds expectations..Sales down 31%; reduced retail inventories could spur 2H growth... Annualized $50mm/$60mm in savings on-track. Movado's targeted $50mm to $60mm in annualized operating cost reductions appear to be on target. Y/Y G&A costs declined $21mm in F2Q10, and $62mm on a TTM basis. Movado's leaner corporate structure should be capable of driving higher profits from its existing sales base, as reflected in our significantly increased FY11 EPS estimate of $0.86...Balance sheet/cash flow holds steady during a challenging period. F1H10 was (and still is) expected to be Movado's most challenging period."
To see more analyst ratings on MOV Click Here.
Movado Group, Inc. designs, sources, markets, and distributes fine watches. The company offers its watches under the Movado, Ebel, Concord, ESQ, Coach, HUGO BOSS, Juicy Couture, Tommy Hilfiger, and Lacoste brand names.
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