Oxford Industries drops after dour FY forecast; brokerages cut PT
12/09/2024 14:44
** Shares of clothing company Oxford Industries OXM.N fall
around 5% to $79.7
** OXM on Wednesday forecast FY24 revenue in the range of
$1.51 bln to $1.54 bln vs LSEG ests. of $1.61 bln
** Citi cuts PT to $65 from $92 citing "increasingly
selective" and "value-conscious" customers and conversions that
have come under pressure
** "Co faces a tough macro backdrop and difficult
comparisons, and there is limited visibility into when sales
results will improve" - Citi
** Brokerage retains its "sell" rating on stock
** Telsey Advisory Group also trims PT to $86 from $110
** "We remain cautious near-term given the uncertain macro
environment and the noticeable shift in consumer spending
towards value"
** Up to Wednesday's close, stock has fallen ~16 YTD
(Reporting by Neil J Kanatt in Bengaluru)
((Neil.JKanatt@thomsonreuters.com;))