** Kepler Cheuvreux downgrades French fragrance maker Interparfums IPAR.PA to "hold" from "buy" on U.S. tariffs headwinds, weaker dollar and concerns over consumer demand in the United States

** Broker sees that a 10% drop in U.S. sales could lead to a 12% EPS cut

** "While new licenses are expected, the Moncler license may not be renewed after 2026," the analysts say

** They cut their PT on the stock by 24% to EUR 38

** Out of nine analysts that cover Interparfums, five rate the stock "strong buy" or "buy," and ​four rate it "hold"

(Reporting by Hugo Lhomedet)

((Hugo.Lhomedet@thomsonreuters.com;))