G-III Apparel Group (GIII): Cutting PT By 20% - Brean Capital
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Brean Capital analyst, Eric Tracy, reiterated his Buy rating on shares of G-III Apparel (NASDAQ: GIII) but cut the price target to $41.00 (from $51.00) following G-III's 2Q miss and guide down. The analyst is taking a "more cautious view of the risk/reward reflecting what has become somewhat of a show-me story NT, given 1) still high 4Q bar, 2) rationalizing dept store sector, and 3) cyclical/structural headwinds facing retail biz. Even so, with shares trading down more than 20% yesterday, we remain constructive on the setup longer term, given prospects for material share upside should mgmt. execute on stabilizing core and delivering on Donna Karan rev/EBIT targets (targeting $750M, mid-teens OM in Year 3).
The new $41 PT is based on 13x FY19 EPS.
Shares of G-III Apparel closed at $33.14 yesterday.
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