Wedbush Morgan Upgrades Inter Parfums (IPAR) to Buy; Raises Price Target & Estimates
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Wedbush Morgan upgrades Inter Parfums (Nasdaq: IPAR) from Hold to Buy. Price target raised from $7 to $10.
Wedbush analyst says, "Raising opinion and estimates due to increased earnings visibility from: i) moderating variable costs such as lower advertising rates, raw material prices and freight, ii) positive channel checks regarding the new Gap fragrance launch, and iii) favorable recent f/x fluctuations. Raising EPS estimate for 2009 to $0.72, above our prior forecast and management guidance of $0.70; also raising 2010 EPS estimate to $0.80 from $0.75. In addition to the aforementioned factors, we believe that retailer inventory destocking soon coming to an end, as well as major upcoming product introductions such as Brooks Brothers Black Fleece and a new bebe launch, should help drive a rebound in sales and earnings, even in the face of continued overall economic sluggishness. Such upcoming product launches could provide further upside to estimates."
Inter Parfums, Inc. operates in the fragrance business, and manufactures, markets and distributes an array of fragrances and fragrance related products.
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