UPDATE: Citigroup Downgrades Iconix Brand Group to Neutral on Valuation, Acquisitions

Citigroup downgraded Iconix Brand Group ICON from Buy to Neutral and lowered the price target from $28.00 to $25.00. Citigroup commented, "We are downgrading ICON to Neutral based on valuation and lack of near term catalysts. ICON is up 28% since November 2012 and up about 50% since mid-November 2011. The stock has run up after the Umbro acquisition announcement and in anticipation of a second acquisition which was announced today (Buffalo). With the stock up 28% during this time we believe these acquisitions are now priced in. ICON trades at 11x 2014 consensus estimates which is above its 5-year average of 10x." Iconix Brand Group closed at $23.95 on Monday.