Inter Parfums price target lowered to $172 from $176 at Piper Sandler

Piper Sandler analyst Korinne Wolfmeyer lowered the firm’s price target on Inter Parfums to $172 from $176 and keeps an Overweight rating on the shares. Top line misses don’t come often with Inter Parfums, but the sales results that came in ~$12M below expectations look to be more so the result of transitory timing issues vs. more structural problems, the firm says. Full year sales guidance was reiterated, instilling confidence that the overall business and fragrance market remain healthy, adds Piper.