UPDATE: Oppenheimer Downgrades Elizabeth Arden on Fair Valuation

In a report published Thursday, Oppenheimer analyst Joseph Altobello downgraded Elizabeth Arden RDEN from Outperform to Perform, and removed the $50.00 price target.

In the report, Oppenheimer noted, “We are downgrading the shares of Elizabeth Arden to Perform from Outperform and removing our prior DCF-derived price target of $50. Our less sanguine stance on the stock and more moderate fiscal 2014 outlook is based on our view that valuation is now fair, while the pace of the Arden brand repositioning, though still a potentially meaningful long-term growth driver, has been somewhat disappointing and could cause management to rethink its target of doubling sales in five years.”

Elizabeth Arden closed on Wednesday at $6.01.