UPDATE: Barrington Research Downgrades Movado Group On Lack Of Near-Term Catalysts

In a report published Wednesday, Barrington Research analyst Kristine Koerber downgraded the rating on

from Outperform to Market Perform, and removed the $49.00 price target. In the report, Barrington Research noted, “After last week's pre-announcement and speaking with management, we have decided to downgrade MOV shares. We were contemplating our investment rating as we don't like to downgrade shares at what could likely be the bottom. However, we see no near-term catalysts that could drive the stock significantly higher to justify a stronger rating. We are not necessary advocating that investors who own the stock sell it, but rather we find it more challenging to make a case to put new money into the stock as visibility is impaired and we expect management to revise its long-term targets. We are cutting our FY/15 EPS estimate to $1.85 from $2.44 and our FY/16 EPS estimate to $1.99 from $2.85.” Movado Group closed on Tuesday at $26.52.