S&P Downgrades Warnaco Group (WRC) From Buy to Hold

S&P downgraded Warnaco Group WRC from Buy to Hold, late yesterday afternoon. S&P kept their EPS estimates of $3.50 for 2010 and $3.90 for 2011. Here are a few quotes from the report: “Following a recent price increase, WRC shares are approaching our 12-month target price of $55. While we now view the shares as fairly valued, our long-term outlook for the company remains positive, given what we see as its strong global branding and multi-channel distribution strategies, and attractive price/value relationships across all of its brands and product categories. We also look for expense controls and infrastructure investments to improve operating efficiencies over time. We reiterate our EPS estimates of $3.50 for 2010 and $3.90 for 2011./J.Asaeda”