UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on Fifth & Pacific Companies
In a report published Friday, Wedbush Securities reiterated its Outperform rating on Fifth & Pacific Companies (NYSE: FNP), and raised its price target from $14.00 to $17.00.
Wedbush Securities noted, “We are revising our model to incorporate mgmt's 4Q update and initial outlook for 2013 adj EBITDA. We also acknowledge that our cautious stance going into the ICR conference was incorrect. While we had anticipated a lower than consensus guide for 2013 and were braced for a potential 4Q disappointment (primarily due to the worsening Holiday retail backdrop,) market expectations may have been too cautious. Holders were comforted by mgmt's comments regarding its commitment to ‘deliver value to shareholders' which also likely inspired demand for the shares that may have been waiting on the sidelines in anticipation of a better entry point. Nevertheless, our long-term view remains bullish.”
Fifth & Pacific Companies closed on Thursday at $14.76.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: Wedbush Securities