Movado rises after upgrade
The watchmaker's shares jumped 9.3% to 37.17 after Citi Investment Research raised Movado (MOV) to buy from neutral. The analyst upped the price target on the stock to 40 from 38 and was impressed with Movado's wholesale line, which makes up 42% of its sales. "Wholesale reduces Movado's exposure to volatile consumer spending habits and decreased margins from markdowns," he wrote in a client note. Movado makes watches for high-end brands like Coach (COH), Juicy Couture, Tommy Hilfiger and Hugo Boss.
