Piper Jaffray Raises Its Inter Parfums PT From $18 (IPAR)

Piper Jaffray raised its Inter Parfums IPAR price target from $18 to $21 in a research report published today. Piper Jaffray has previously given Inter Parfums a Neutral rating.

In the report, Piper Jaffray states, "The company reported EPS of $0.20, which was ahead of our estimate of $0.18 primarily due to better-than-expected gross margin. Despite the better-than-expected results, we believe that IPAR shares may be kept range-bound in the near term given concerns and the perception that European appetite for fragrances may wane amid broader economic concerns--though little evidence of declining demand exists at this point."

Shares of Inter Parfums closed Tuesday at $18.64, reflecting no change from Monday's market close.