Noble Capital analyst Michael Kupinski lowered the firm’s price target on Xcel Brands (XELB) to $9 from $12 and keeps an Outperform rating on the shares after the company announced plans to sell 1.381M shares on a “best efforts” basis and pre-funded warrants. The prospective sale would improve the company’s balance sheet and allow it flexibility to invest in its developing brands, says the analyst, who also notes there would be “significant dilution” from the share offering.
Don’t Miss TipRanks’ Half-Year Sale
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
- Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on XELB:
- Xcel Brands files to sell 1.38M shares of common stock on ‘best-efforts’ basis
- Xcel Brands enters partnership with supermodel Coco Rocha
- XCel Brands Approves Key Stockholder Proposals
- Xcel Brands price target lowered to $12 from $15 at Noble Capital
- Xcel Brands Earnings Call: Strategic Growth Amid Financial Challenges