UPDATE: Oppenheimer Raises PT to $27 on Inter Parfums on Top Line and Margin Bullishness
Oppenheimer maintained Inter Parfums (NASDAQ: IPAR) with an Outperform rating and raised the price target from $24.00 to $27.00.
Oppenheimer analyst Joseph Altobello commented, "Inter Parfums' 4Q results were better than expected, boosted by strong gross margin expansion and a better than expected tax rate. Further, management reaffirmed 2013 guidance, which implies mid-teens sales growth for the non-Burberry portion of IPAR's portfolio. Importantly, we believe a second leg to the story is developing, namely margin expansion, to go along with robust top-line growth, while cash-adjusted valuation is palatable. Thus, we are reiterating our Outperform rating on the shares, while raising our DCF-derived target price to $27 from $24."
Inter Parfums closed at $23.42 on Wednesday.
Latest Ratings for IPAR
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.