Piper Jaffray Reiterates an 'Overweight' Rating on Guess? (GES); Raises Estimates & Price Target

September 2, 2009 9:07 AM EDT

Piper Jaffray & Co. reiterates an 'Overweight' rating on Guess? (NYSE: GES), price target increased $1 to $37.

Piper analyst says, "Raising estimates on better than previously forecasted wholesale revenues: Following our meeting Guess at the MAGIC apparel tradeshow in Las Vegas this week, we are raising our domestic wholesale estimates slightly. Our prior estimates assumed a double-digit sales decline in FQ4 and mid-single digit decline in FQ1, which we think may prove to be overly conservative. Our FY10 EPS increases from $2.12 to $2.17 and FY11 from $2.40 to $2.42. Several apparel brands, including Guess, suggested that wholesale order flow has improved and plans for fall/holiday and Spring are somewhat better. Retail accounts continue to approach the season cautiously yet are favoring brands such as Guess with unique assortments, sales history, and replenishment capabilities."

To see more analyst ratings on GES Click Here.

Guess?, Inc. designs, markets, distributes, and licenses lifestyle collections of apparel and accessories for men, women, and children.

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