Vince Holding downgraded to Market Perform from Outperform at Noble Capital

Noble Capital downgraded Vince Holding (VNCE) to Market Perform from Outperform. The firm is adjusting estimates lower, noting that management guided fiscal first quarter revenues to be down 5%, with gross margins likely down 500 basis points, but that guidance did not reflect the current U.S. trade policy. While the firm believes that the company has current sufficient liquidity to manage through the current U.S. trade policy issues, there is “no visibility on resolution of the trade policy, the depth of the economic impact and/or the health of the consumer,” the analyst tells investors. The firm believes that the current operating environment is in flux and that “investors should wait for the dust to settle, particularly on U.S. trade policy,” the analyst added.