Oppenheimer Reiterating Outperform On Elizabeth Arden

Oppenheimer & Co. is reiterating its Outperform rating and $36 price target on shares of Elizabeth Arden (NASDAQ: RDEN).

In a note to clients, Oppenheimer & Co. 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 at $30.11 yesterday.