NEW YORK (TheStreet) -- Shares of Movado (MOV) 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) 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.
Revenue was up 3.8% to $143.6 million for the quarter, above analysts' estimates of $152.99 million.
Separately, TheStreet Ratings team rates MOVADO GROUP INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate MOVADO GROUP INC (MOV) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, reasonable valuation levels, good cash flow from operations and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."