Iconix Brand downgraded to Neutral from Buy at Citigroup Citigroup downgraded Iconix Brand citing valuation and a lack of near-term catalysts following the Buffalo acquisition. The firm lowered its price target for shares to $25 from $28.
Iconix Brand adopts short-term shareholder rights plan Iconix Brand announced that its board has adopted a short-term shareholder rights plan, which will expire following the 2016 annual meeting of shareholders, absent an extension being approved by shareholders. The board adopted the Rights Plan in light of recent activity in the company's shares, including the recent accumulation of meaningful positions by holders of derivative securities, and what the Iconix Board and management believes is a currently depressed share price for the company's common stock. The Rights Plan is intended to protect the interests of the company and Iconix shareholders by reducing the likelihood that any person or group gains control of Iconix through open market accumulation or other tactics without paying an appropriate control premium and by providing the Board and shareholders with time to make informed decisions. The Rights Plan applies equally to all current and future shareholders and is not intended to deter offers that are fair and otherwise in the best interests of the Company and its shareholders. The Rights Plan is similar to plans adopted by numerous publicly-traded companies and was not adopted in response to any specific takeover bid or other proposal to acquire control of the company.