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Fly News Breaks for October 8, 2018
MOV
Oct 8, 2018 | 08:23 EDT
As previously reported, Cowen analyst Oliver Chen upgraded Movado to Outperform from Market Perform following meetings with CFO Sallie DeMarsilis that made him more constructive on the stock. His upgrade is mainly based on expectations of positive inflection in the U.S. Wholesale channel, but Chen said he also likes the company's strong fundamentals and "impressive" International Wholesale channel growth. The analyst, who views the recent pullback as a compelling entry point, has a $50 price target on Movado shares.
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