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.
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