EL - Inter Parfums upgraded on strong outlook at Citi

Inter Parfums (NASDAQ:IPAR) smells like a sweet deal at current prices, according to Citi. Shares of the New York-based manufacturer and distributor of perfumes and cosmetics have slipped over 30% year-to-date, adding notably to losses after reporting earnings on May 10 despite an earnings beat. However, the company’s reaffirmed guidance in light of the slide is garnering confidence from analysts that the risk/reward dynamic has shifted. “IPAR is seeing sales growth coming from multiple sources, which we anticipate will continue well into the future,” Citi analyst Wendy Nicholson wrote to clients. “Indeed, in the last several quarters, the company’s legacy brands such as Coach, GUESS, Montblanc, and Kate Spade have exhibited strong performance, which seems poised to continue as the company rolls out new extensions for these key core brands.” She added that macro pressures causing a bottleneck for distribution appear to be alleviating. The strong performance from the company

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Inter Parfums upgraded on strong outlook at Citi