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We're inclined to consider the shares of Iconix (ICON) as a speculative buy. The company has a severe debt problem and experienced some strong headwinds on the revenue front last year, but they still generate considerable amounts of cash.
We think that if they manage to stabilize revenues, or grow them a little, the $30M of cost-cutting should get them a long way into making their debt problem manageable.
Here is a short description of the company (from FinViz):
Iconix Brand Group, Inc., a brand management company, owns, licenses, and markets a