UPDATE: Benchmark Maintains a Buy Rating on Iconix Brand Group

Benchmark reiterates a Buy rating on Iconix Brand Group

and a price target of $20. Benchmark noted, “We expect EPS in line with our estimate of $0.41, and consensus of $0.41. While we are concerned about the weak comp trend at retailers, Iconix is repurchasing shares and could repurchase 10%-15% of the shares outstanding. Our FY2012 EPS estimate remains $1.65 and our price target is $20, based on 12x our 2012E EPS. Given the upside to our price target, we maintain our Buy rating.” Iconix Brand group closed at $17.41 on Friday.