Movado upgraded to Buy from Neutral at Citigroup Citigroup upgraded Movado on expectations the company's revenue growth in 2013 will drive margin expansion. The firm raised its price target for shares to $40 from $38.
On The Fly: Analyst Downgrade Summary Today's noteworthy downgrades include: Beacon Roofing (BECN) downgraded to Hold from Buy at KeyBanc... BlackBerry (BBRY) downgraded to Underweight from Equal Weight at Morgan Stanley... Consolidated Edison (ED) downgraded to Sell from Neutral at UBS... Denbury Resources (DNR) downgraded to Hold from Buy at Wunderlich... Synchronoss (SNCR) downgraded to Underperform from Neutral at RW Baird... Total System (TSS) downgraded to Sell from Neutral at Goldman... Movado (MOV) downgraded to Market Perform from Outperform at Barrington... Transocean Partners (RIGP) downgraded to Market Perform from Outperform at Wells Fargo... Seadrill Partners (SDLP) downgraded to Market Perform from Outperform at Wells Fargo... Petrobras (PBR) downgraded to Neutral from Buy at UBS.
Movado tumbles after profit warning, levels to watch The shares are down over 33% to $25.51 at time of writing. On a long-term basis the $25 area has previously been important support, notably in the spring and summer of 2012. A break below $25 would find next support at $24.65 and $22.50. Resistance is at $26.28.