ANALYST’S DOWNGRADE HITS HILFIGER STOCK
NEW YORK — Shares of Tommy Hilfiger Corp. fell 3 3/4, or 6.3 percent, on Thursday after Robertson Stephens & Co. downgraded its shares to “long-term attractive” from “buy.” The shares dropped to 41 on the New York Stock Exchange, after falling 2 1/4, or 4.8 percent, on Wednesday.
In a research note, analyst Alexandra DalPan attributed the downgrade to a possible slowing of the growth of Hilfiger’s core men’s sportswear to a low double-digit rate. However, DalPan — noting the “apparent momentum in major license lines, including jeanswear and women’s casual sportswear” — remains comfortable with her fourth-quarter earnings estimate of 54 cents a share.
In the fourth quarter ended March 31, 1996, Hilfiger earned 48 cents.