UPDATE: Sterne Agee Reiterates Fifth & Pacific Companies at Buy Following Kate Spade Analyst Day
Sterne Agee maintained Fifth & Pacific Companies (NYSE: FNP) with a Buy rating and a $26.00 price target.
Sterne Agee analyst Ike Boruchow noted, "We continue to recommend FNP shares following the first-ever Kate Spade analyst day. Of note, FNP issued 2013 sales guidance for the concept well above the Street ($700-750 million vs. Street $643). In our view, Kate Spade could be the most compelling growth story in retail today, and we believe management's impressive 2016 target of $1.2 billion in sales (vs. $462 million LY) could actually prove conservative for a variety of reasons. We are raising estimates and maintain our $26 price target."
Fifth & Pacific Companies closed at $18.80 on Friday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.