NEW YORK (TheStreet) -- Shares of Movado
(MOV - Get Report) are lower by -1.80% to $39.91 in early market trading as the company was downgraded to "equal weight" from "overweight" at Stephens following the company's worse than expected fiscal 2015 second quarter earnings.
The firm lowered its price target to $44 from $52, citing decreased visibility on Movado's sales in the second half of year, especially given the expected launch of Apple's (AAPL - Get Report) iWatch.
The luxury watch maker reported net income for its fiscal 2015 second quarter of $12.2 million, or 47 cents per diluted share, compared to $12.5 million, or 48 cents per diluted share one year ago.
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- You can view the full analysis from the report here: MOV Ratings Report
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