Fly News Breaks for March 3, 2020
Mar 3, 2020 | 09:46 EDT
DA Davidson analyst Linda Bolton Weiser lowered the firm's price target on Inter Parfums to $70 from $76 and keeps a Neutral rating on the shares. The analyst notes that the company missed Q4 operating profit estimates by 12% due to flat gross margins that were also 180bps below consensus while also citing the management cutting its FY20 sales and EPS guidance to flat from 5% and 4% growth in its prior forecasts. Weiser adds that she remains concerned over how long travel retail - representing about 20% of Inter Parfums' total sales - will be impacted by coronavirus.
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