Brean Murray Carret Cuts Price Target on Guess (GES), Encourages to Buy for the Long-Run

Brean Murray Carret & Co. is reaffirming its Buy rating on shares of Guess (NYSE: GES), but is lowering its price target from $60 to $44 following its second quarter results.

The company reported its second quarter results ahead of expectations, but due to macro economic uncertainty in the second half of the year, lagging Q3 comps in North America, and managements decision to pull back distribution accessories in Europe, the company reduced its 2012 estimates.

The firm cut its 2012 and 2013 EPS estimates from $3.40 and $3.96 to $3.34 and $3.80. Brean Murray Carret comments that they believes in GES as a world wide team and expects them to continue to grow following the end of this year.

Brean Murray Carret continues to be buyers of the stock for the long term and believes that shares deserves a higher multiple than what they calculate on it now, an analyst notes that it deserves a premium multiple.

For more ratings news on Guess click here and for the rating history of Guess click here.

Shares of Guess closed at $33.29 yesterday.

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