Benchmark starts Movado with a Buy, sees ‘enviable financials’

As previously reported, Benchmark initiated coverage of Movado with a Buy rating and $41 price target. Movado’s “strong brand recognition,” global presence and longstanding reputation have combined to afford the company’s “enviable financials,” the analyst tells investors. Management guidance for FY24 is for revenue of $690M-$700M with EPS of $2.15-$2.25, notes the analyst, whose model is “at the low end of guidance.”