Inter Parfums price target lowered to $172 from $175 at Piper Sandler

Piper Sandler lowered the firm’s price target on Inter Parfums to $172 from $175 on updated estimates, while keeping an Overweight rating on the shares. The firm sees Inter Parfums’ outlook for 2024 as a positive signal of anticipated persisting fragrance demand trends as well as healthy ramping of new brands. However, Piper also views this outlook as sufficiently prudent as it relates to global macro uncertainties, with sales expected to be just below its prior estimate. Note, management does have a history of starting the year out more conservatively, and the firm suspects estimates will move upward over the course of 2024, barring any significant macro changes.