Oppenheimer Maintains Outperform, $23 Target on Inter Parfums

In a published report, Oppenheimer reiterates its Outperform rating and $23 target price on Inter Parfum

as it believed Tuesday's pullback was an investor overreaction. Oppenheimer says, "We believe IPAR investors overreacted to yesterday's announcement that Burberry has exercised its right to evaluate the purchase price for the remaining term of its license, and continue to view the probability of an exit as low. Instead, we believe a partnership or JV is more likely, and would use this weakness as a buying opportunity." IPAR closed at $16.39 per share on Tuesday.