Benchmark Maintains a 'Buy' on Warnaco Group (WRC); Lowering Estimates and Price Target
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Price: $73.52 --0%
Rating Summary:
1 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
1 Buy, 9 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Benchmark maintains a 'Buy' on Warnaco Group (NYSE: WRC), PT lowered from $65 to $60.
Benchmark analyst says, "We reduced our 2Q11 EPS estimate to $0.77, from $0.90, primarily on more margin pressure than originally modeled. We believe revenues for the quarter were generally okay, although high gross margin consumer direct sales may have slipped to approximately a comp of 7%, slightly down from it’s to a strong start with comps up 10%, in April...Our full year estimate goes to $3.87, from $4.00, on our adjustment to Q2."
"The balance sheet should continue to be strong, providing the financial flexibility to fund organic growth, pursue strategic acquisitions, and to explore other opportunities to enhance shareholder value including share repurchases."
For more ratings news on Warnaco Group click here and for the rating history of Warnaco Group click here.
Shares of Warnaco Group closed at $52.25 yesterday.
Benchmark analyst says, "We reduced our 2Q11 EPS estimate to $0.77, from $0.90, primarily on more margin pressure than originally modeled. We believe revenues for the quarter were generally okay, although high gross margin consumer direct sales may have slipped to approximately a comp of 7%, slightly down from it’s to a strong start with comps up 10%, in April...Our full year estimate goes to $3.87, from $4.00, on our adjustment to Q2."
"The balance sheet should continue to be strong, providing the financial flexibility to fund organic growth, pursue strategic acquisitions, and to explore other opportunities to enhance shareholder value including share repurchases."
For more ratings news on Warnaco Group click here and for the rating history of Warnaco Group click here.
Shares of Warnaco Group closed at $52.25 yesterday.
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