Wunderlich Securities Remains On Sidelines On Iconix Brand Group

In a report published Monday, Wunderlich Securities analyst Eric Beder reiterated a Hold rating and $42.00 price target on

. In the report, Wunderlich Securities noted, “We remain on the sidelines with Iconix (ICON) announcing 3Q14 results before the open tomorrow. We continue to fret over organic revenue growth without one-time asset sales and transfers, weakness in the Wal-Mart and men's businesses, and potential increases in debt levels from share repurchases, which will be only partially offset from reduced convertible debt dilution. Frankly, the only near-term potential catalyst we envision could be a material acquisition, which has not occurred in six quarters; we do not consider the Peanuts movie, which rolls out in 4Q15, as a material event to own ICON now. As such, we will wait until the return of organic growth, despite the recent decline in ICON (down almost 20% since its June highs), before changing our stance on the name.” Iconix Brand Group closed on Friday at $37.59.