Roth Capital analyst Dave King notes that Iconix reported mixed results excluding a significant asset sale gain, while guidance fell short mainly due to increased marketing spend. While shares may be due for a pullback as investors question the company's underlying earnings power, the analyst believes 2017 EPS guidance may prove conservative. He reiterates a Buy rating and $13 price target on the shares, and continues to see much of Iconix's debt value accreting into equity value as management aggressively pays down debt using seemingly fairly visible CFFO generation.