Oppenheimer Reiterates Outperform on Elizabeth Arden

Oppenheimer is out with its report today on Elizabeth Arden (NASDAQ: RDEN), reiterating Outperform.

In a note to clients, Oppenheimer writes, "While shares of RDEN have been somewhat range-bound throughout much of this year, our bull case remains very much intact, centered on margin expansion and international growth. Further, we believe this will be underscored next month when the company reports fiscal 4Q results and provides initial fiscal 2012 guidance, both of which we expect to be encouraging. Thus, we are reiterating our Outperform rating and DCF-derived $36 price target."

Shares of RDEN closed Monday at $30.11, down 1.99% from Friday's close.