UPDATE: Citigroup Upgrades Movado Group to Buy on Growth and Margin Expansion Outlook
Citigroup upgraded Movado Group Inc. (NYSE: MOV) from Neutral to Buy and raised the price target from $38.00 to $40.00.
Citigroup noted, "Global accessories represent the future of our sector, in our view. We're upgrading MOV on revenue growth in 2013 yielding substantial margin expansion, compelling watch trends at key peers, & upside to valuation. We raise the price target to $40 on 16x 2014 (from $38) which implies +19% ETR; we raise 2013 EPS to $1.90 from $1.85 & 2014 to $2.50 on growth from higher base on higher sales & fixed cost leverage."
Movado Group closed at $33.76 on Thursday.
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