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UPDATE: Citigroup Upgrades Movado Group to Buy on Growth and Margin Expansion Outlook

Related MOV
Earnings Scheduled For August 27, 2015
Movado Group Posts Downbeat Q1 Profit, But Sales Beat Views

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.

Latest Ratings for MOV

Dec 2014Cowen & CompanyInitiates Coverage onMarket Perform
Nov 2014Barrington ResearchDowngradesOutperformMarket Perform
Nov 2014Dougherty & CompanyDowngradesBuyNeutral

View More Analyst Ratings for MOV
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Posted-In: CitigroupAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings


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