Oxford Industries price target lowered to $102 from $107 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on Oxford Industries to $102 from $107 and keeps a Market Perform rating on the shares. The company’s Q3 earnings beat was largely driven by better gross margin along with slightly better sales growth, partially offset by modestly higher expenses, the analyst tells investors in a research note. However, the firm notes Oxford moderated its annual sales and earnings outlook for the third time in as many quarters this year. It believes the outlook reflects reduced conversion from a more discerning consumer, with wholesale challenges continuing to weigh along with incremental pressure from volatility in the direct-to-consumer channel.