Wedbush Tweaks Modest Estimates on Fifth & Pacific Companies

According to a research report this morning, Wedbush lowers 2Q estimates on Fifth & Pacific Companies FNP from 337.9E to 335.87E to better follow management's estimates. Wedbush explained, “We are fine-tuning the flow of our quarterly estimates to better align with previous management commentary that the “distribution of 2012 EBITDA by quarter will be substantially similar to the 2011 quarterly EBITDA distribution.” As such, we believe our 2Q estimates were too high and our 4Q estimates too low. We have applied a similar cadence as last year to our 2012 quarterly EBITDA estimates and we continue to maintain our full-year revenue, EPS and EBITDA projections.” FNP closed yesterday at $11.29 as Wedbush maintains its Outperform rating and $16 PT.