Interparfums initiated with a Buy at Berenberg

Berenberg initiated coverage of Interparfums (IPAR) with a Buy rating and $103 price target The company offers exposure to just one beauty category, and fragrance, and it just a “small” part of a $43B market, which offers “a substantial growth runway,” the analyst tells investors in a research note. The firm believes Interparfums’ “highly flexible “and asset light business model has proved “disruptive.” It sees an attractive entry point at current share levels.