Wedbush Tweaks Modest Estimates on Fifth & Pacific Companies
According to a research report this morning, Wedbush lowers 2Q estimates on Fifth & Pacific Companies (NYSE: 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.
Latest Ratings for FNP
|Jan 2014||Brean Capital||Downgrades||Buy||Hold|
|Dec 2013||Imperial Capital||Maintains||Outperform|
|Nov 2013||Monness Crespi Hardt||Maintains||Buy|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.