Piper Sandler raises Oxford Industries PT on Johnny Was buy

Oxford Industries

20/09/2022 12:40

** Brokerage Piper Sandler raises PT of Tommy Bahama owner
Oxford Industries Inc  OXM.N  to $135 from $130 on company's
acquisition of Johnny Was, a California-based lifestyle apparel
brand  urn:newsml:reuters.com:*:nTUAG6J8H
    ** Says the $270 mln acquisition demonstrates strength of
OXM's "brand-focused operating model," adding Johnny Was' loyal
customer base will help OXM further accelerate growth and get it
closer to even split between men's and women's categories
    ** Piper Sandler also notes that macroeconomic situation
remains turbulent, adding "OXM’s upscale positioning and lower
department store penetration should help it better navigate the
current environment"
    ** Three of 5 brokerages rate the stock "buy", one "hold"
and one "strong sell"; with a median PT of $120 - Refinitiv data
    ** Up to Monday's close, stock had fallen 11.3% compared
with a 32.3% decline in the S&P Composite 1500 Textiles, Apparel
& Luxury Goods index  .SPCOMTEX 

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com))