In a report released today, Hamed Khorsand from BWS Financial maintained a Buy rating on Movado Group, with a price target of $31.50.
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Hamed Khorsand has given his Buy rating due to a combination of factors influencing Movado Group’s positive outlook. One of the primary reasons is the noticeable increase in consumer interest in watches, which is evident from current spending data, including online sales. This resurgence in demand is significant as it marks the first rise in over five years, excluding the typical holiday shopping season. Additionally, Movado Group has reported improved consumer trends, particularly in women’s watches, attributed to the introduction of several new styles.
Moreover, the company’s growth potential is not limited to watches alone. Movado Group has also seen a rise in revenue from its jewelry segment in recent quarters. The success with brands like Lacoste and other licensed brands further contributes to the company’s earnings growth potential. These factors collectively support Khorsand’s Buy rating for Movado Group, with a target price of $31.50 over the next 12 months.