Oxford Industries Inc tumbles on weak FY forecast

Oxford Industries

12/09/2024 17:18

(Updates)
    ** Clothing company Oxford Industries'  OXM.N  shares fall
as much as 10.4% to more than 3-1/2-year low of $74.95
    ** Company forecast FY24 revenue between $1.51 bln and $1.54
bln vs est $1.61 bln - LSEG
    ** Citi cuts PT on company's shares to $65 from $92
    ** "Co faces a tough macro backdrop and difficult
comparisons, and there is limited visibility into when sales
results will improve" - brokerage
    ** Citi retains "sell" rating
    ** Brokerage 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" - Telsey
    ** As of Wednesday's close, stock down ~16 YTD

 (Reporting by Neil J Kanatt in Bengaluru)
 ((Neil.JKanatt@thomsonreuters.com))