Ahead of the Bell: Inter Parfums upgraded

An analyst upgraded shares of Inter Parfums Inc., saying the perfume maker's stock is attractively priced.

Oppenheimer analyst Joseph Altobello told investors in a research note late Tuesday that he was boosting his rating on the New York-based company to "Outperform," up from his previous rating of "Perform."

Altobello, who instituted an $18 price target on the company's stock, said planned launches of new fragrances and products will likely help the company survive any slowdown in the U.S. and European economies, and withstand declines in shoppers' discretionary spending.

"Unlike consumer staples such as toothpaste or detergent which are purchased with regularity, fragrance sales tend to be 'lumpy' and very much driven by new product launches," Altobello wrote.

He also believes a weakening Euro could also help the company, which makes and distributes fragrances including Burberry, Lanvin and Paul Smith.

Inter Parfums shares closed Tuesday at $13.60.