Iconix Brand Group (ICON)
by Zacks Equity ResearchJune 27, 2012 | Comments : 0 Recommended this article: (0)
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Revenues declined 4% primarily due to underperformance of men's brands of Rocawear, Ecko and Ed Hardy. The weak demand in these brands also led to a cut in the company's revenue and earnings guidance. Further, the transition of Royal Velvet brand to J.C. Penney acted as a significant driver of the decline in the quarter.
Over the last five years, Iconix's shares have traded in the range of 7.0x to 27.4x trailing 12-month earnings. Our target price of $15.00 is based on approximately 8.9x our 2012 earnings estimate.
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