Analyst Joseph Altobello from Oppenheimer & Co yesterday upgraded his outlook for Elizabeth Arden to 'outpeform' after he said he was encouraged by the licensing deal, together with proposed savings from the company's restructuring plan as well as prospects for international sales. The US-based company is said to be well positioned against the slowing US economy and consumer spend because some 40 percent of its total sales are derived from international markets. Shares rally again The announcement led to another rally on the company's share price, pushing the price up by 7.5 percent at the close of business yesterday to reach $16.26. The company announced the licensing agreement with Liz Claiborne at the end of May, a move that saw its share price rise nearly 15 percent immediately after the announcement on May 27, increasing $2 to $15.38. At the time financial analyst lauded the deal as a progressive move for Elizabeth Arden, although SunTrust Robinson Humphrey analyst William Chapell said he would be waitng to find out more details about the deal before upgrading his rating. Better times ahead? But the latest upgrade seems to indicate that the financial world has applauded the licensing agreement and beleives that the outlook is looking considerably better, following a tough financial year which has seen the company's share price fluctuate enormously. The Liz Claiborne fragance portfolio includes high profile brands such as Juicy Couture, Usher, Curve by Liz Claiborne, Bora Bora and Mambo. Describing the transaction as 'highly strategic' for both companies, Scott Beattie, CEO of Elizabeth Arden, added that the deal would benefit his company in three core areas. These include improved market share; increased synergies for logistics, supply chain and sales organization; together with increased sales margins and additional sales volumes to its fragrance operations. Elizabeth Arden expects that the transaction will contribute to net sales and earnings growth during the course of fiscal 2009, although some expenses related to marketing of the Liz Claiborne fragrances are expected to impact the fourth quarter of 2008 and the first half of 2009.