Brean Murray Starts Perry Ellis (PERY) at Buy
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Brean Murray initiates coverage on Perry Ellis (Nasdaq: PERY) with a Buy rating and a $30 price target.
The firm called Perry Ellis "nimble and focused" and believes its "emphasis on leveraging back-office operations and driving growth via niche focuses and accretive operations" will help the company position itself to gain substantial market share over larger apparel companies. For example, Brean Murray mentions Perry Ellis's recent acquisition of C&C California and Laundry by Shelli Segal as creating "another platform for significant growth."
Brean Murray says that its FY08 and FY09 EPS estimates of $2.00 and $2.25, respectively, "could prove conservative." The Street is currently estimating FY09 EPS of $1.99.
Perry Ellis International, Inc., together with its subsidiaries, engages in designing, sourcing, marketing, and licensing men and women apparel products in the United States and internationally.
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