Guess (GES) PT, Estimates Cut at Piper Jaffray Following Q2

Piper Jaffray analyst Erinn E. Murphy cut estimates and her price target on Neutral-rated Guess (NYSE: GES) to $21.00 (from $25.00) following Q2 results and lower guidance.

Murphy commented, "We remain cautious on shares of GES following the company's lower-than-anticipated Q2 report in which management lowered their Q3 and FY15 outlook. We recently downgraded shares of GES from OW to Neutral following what we believed had been further disruption in the U.S. business in addition to our concerns on further management turnover. While Guess is a global brand, we do believe there have been signs of this brand moderating and note QTD comp trends in NA have not improved from the mid-single digit declines in Q2. Thus far in Fall, trends in denim and women's have been soft."

The firm lowered Q3 EPS from $0.31 to $0.16 and FY 2015 EPS from from $1.35 to $1.08.

For an analyst ratings summary and ratings history on Guess click here. For more ratings news on Guess click here.

Shares of Guess closed at $25.64 yesterday.

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