Needham & Company Reiterates a ' Buy' on Perry Ellis (PERY) After Management Meeting at MAGIC Tradeshow

Needham & Company reiterates a ' Buy' on Perry Ellis (NASDAQ: PERY) price target of $34.00.

Needham analyst says, "PERY’s diverse brand portfolio provides long term growth opportunities fueled by Women’s (Laundry, C&C and recent acquisition Rafaella), Perry Ellis, Golf, Hispanic, Swim, International, Retail, and Licensing. At ~6.7x our FY12 EPS estimate of $2.90, PERY is trading significantly below the sector average of ~12x. We think PERY should trade at least inline with the midpoint of its long term growth rate of 10% to 15% as we expect revenue growth and EBITDA expansion in 2011 and beyond."

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

Shares of Perry Ellis closed at $19.25 yesterday.

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