Oxford Industries' business momentum, Johnny Was buy earn it Citi upgrade

Oxford Industries

21/09/2022 16:53

** Citi analyst Paul Lejuez raises the brokerage's rating on
Oxford Industries  OXM.N  to "neutral" from "sell", saying its
Tommy Bahama and Lilly Pulitzer businesses remain remarkably
strong and above management plan
    ** The recent acquisition of highly profitable Johnny Was,
which caters to a slightly higher-income demographic than Lilly,
and the $270 million it paid for the women's apparel chain are
incremental positives for Oxford, adds Citi
    ** Citi says Oxford did not overpay for Johnny Was
 urn:newsml:reuters.com:*:nTUAG6J8H
    ** "Oxford continues to beat expectations as its brands are
well positioned in more 'dressy' apparel categories (and) serve
an affluent customer," Lejuez writes in a note
    ** Current average rating on stock is "hold" and median PT
is $120, according to Refinitiv
    ** Including session's 0.4% decline, shares have declined 6%
this year

 (Reporting by Praveen Paramasivam)
 ((Praveen.Paramasivam@thomsonreuters.com;))