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Fly News Breaks for August 29, 2019
MOV
Aug 29, 2019 | 08:17 EDT
As reported previously, Cowen analyst Oliver Chen downgraded Movado to Market Perform from Outperform. The analyst moved tot he sidelines given lower visibility into future growth, and a deceleration of revenue growth combined with expense de-leverage. He said key headwinds include, category pressures, US and International Wholesale challenges, consumer confidence risk, and tariffs. Chen lowered his price target to $22 from $40 on Movado shares.
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