Needham & Company Reiterates a 'Buy' on Perry Ellis (PERY) After Management Meeting at MAGIC
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Price: $27.50 --0%
Rating Summary:
6 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
6 Buy, 5 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Needham & Company reiterates a 'Buy' on Perry Ellis (NASDAQ: PERY) price target of $18.00.
Analyst, Christine Chen, said, "Product adjustments at Perry Ellis & Rafaella brands should reach full impact by Fall 2012, and sourcing costs are expected to decline in FY12, providing opportunities for margin expansion in F2H. At ~8x our decreased FY12 EPS estimate of $2.08, PERY is trading significantly below the sector average of ~14x. We think PERY should trade at least in line with the mid-point of a conservative long-term growth rate of 8% to 10% as we expect to see sales and EBITDA improve in 2012. Thus, we believe that fair market value for PERY is ~9x our FY12 EPS estimate, and we are reiterating our rating."
"We are reducing our F4Q & FY12 EPS estimates to $0.38 & $1.97, respectively, down from $0.41 & $2.00...We are lowering our F1Q, F2Q, F3Q, F4Q & FY13 EPS estimates to $1.02, $0.07, $0.48, $0.51 & $2.08, respectively, down from $1.05, $0.12, $0.45, $0.54 & $2.16."
For an analyst ratings summary and ratings history on Perry Ellis click here. For more ratings news on Perry Ellis click here.
Shares of Perry Ellis closed at $16.18 yesterday.
Analyst, Christine Chen, said, "Product adjustments at Perry Ellis & Rafaella brands should reach full impact by Fall 2012, and sourcing costs are expected to decline in FY12, providing opportunities for margin expansion in F2H. At ~8x our decreased FY12 EPS estimate of $2.08, PERY is trading significantly below the sector average of ~14x. We think PERY should trade at least in line with the mid-point of a conservative long-term growth rate of 8% to 10% as we expect to see sales and EBITDA improve in 2012. Thus, we believe that fair market value for PERY is ~9x our FY12 EPS estimate, and we are reiterating our rating."
"We are reducing our F4Q & FY12 EPS estimates to $0.38 & $1.97, respectively, down from $0.41 & $2.00...We are lowering our F1Q, F2Q, F3Q, F4Q & FY13 EPS estimates to $1.02, $0.07, $0.48, $0.51 & $2.08, respectively, down from $1.05, $0.12, $0.45, $0.54 & $2.16."
For an analyst ratings summary and ratings history on Perry Ellis click here. For more ratings news on Perry Ellis click here.
Shares of Perry Ellis closed at $16.18 yesterday.
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