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Fly News Breaks for November 22, 2016
MOV
Nov 22, 2016 | 14:14 EDT
Sidoti analyst Frank Camma raised his price target for Movado to $34 from $29 on "solid" Q3 earnings, newly introduced 2018 estimates and the announcement of a new licensed fashion brand. The analyst is impressed by the company's ability to produce a "solid" gross margin in light of a tepid retail landscape and pressures to discount prices. Additionally, Camma sees the signing of the Rebecca Minkoff fashion brand as an incremental approach to gain traction with millennial consumers. He reiterates a Buy rating on the shares.
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