Wedbush Reiterates Outperform Rating, $36 PT on Inter Parfums Following Anticipated Guidance Boost

In a report published Thursday, Wedbush analyst Rommel Dionisio reiterated an Outperform rating and $36.00 price target on

. In the report, Wedbush noted, “Company boosts 2013 guidance slightly, but this was largely anticipated by the Street given recent strong fundamental momentum. Inter Parfums announced it is increasing management guidance for 2013 revenue to $540 million from $525 million, and for EPS to $1.18 from $1.14. However, with current consensus estimates already above prior guidance at $539 million and $1.23, respectively, today's announcement appears to have already been expected by the Street. Management also introduced 2014 guidance for revenue of $475 million and EPS of $0.90-0.95, below current consensus of $488 million and $1.11, respectively. However, management has historically displayed a long and well-known track record of under-promising and over-delivering, as we see again on today's announcement for 2013 guidance, for example. Thus, we remain comfortable with our own 2014 forecasts for revenue of $473 million and EPS of $1.10, and would not expect to see that much movement from the overall consensus numbers either, particularly in light of strong fundamental sales trends in recent quarters from Inter Parfums' core fragrance brands such as Jimmy Choo, Lanvin, and Montblanc.” Inter Parfums closed on Wednesday at $27.89.