UPDATE: Piper Jaffray Raises PT to $23 on Inter Parfums Following Q4 Report
Piper Jaffray maintained Inter Parfums (NASDAQ: IPAR) with a Neutral rating and raiseed the price target from $22.00 to $23.00.
Piper Jaffray analyst Neely J.N. Tamminga commented, "We are reiterating our Neutral rating and raising our price target from $22 to $23 following IPAR's Q4 earnings release. Management reiterated its 2013 guidance for revenue of about $480 million and EPS between $0.90 and $0.92. We are encouraged to see that the board raised its dividend by 50% to $0.48 annually, as we believe it is responsible to balance growth opportunities with cash distribution to shareholders as IPAR transitions into its post-Burberry phase."
Inter Parfums closed at $24.73 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.