Inter Parfums shares are trading lower after the company reported worse-than-expected Q1 revenue results. Also, Piper Sandler maintained an Overweight rating on the stock and lowered its price target from $176 to $172.
Portfolio Pulse from Benzinga Newsdesk
Inter Parfums shares dropped following a report of disappointing Q1 revenue results. Additionally, Piper Sandler kept an Overweight rating but reduced the price target from $176 to $172.

April 25, 2024 | 3:58 pm
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Inter Parfums' stock price declined due to poor Q1 revenue performance, despite Piper Sandler's continued support with an Overweight rating, albeit with a reduced price target.
The negative impact on Inter Parfums' stock price is directly related to the reported lower than expected Q1 revenues, which typically leads to a decrease in investor confidence and stock price. The adjustment in price target by Piper Sandler, despite maintaining an Overweight rating, further suggests a recalibration of future expectations, albeit slightly, which could also contribute to short-term negative sentiment.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100