KeyBanc Cuts Price Target on G-III Apparel (GIII), Weather Impacting Outerwear Business
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Price: $33.78 +1.81%
Rating Summary:
10 Buy, 8 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
10 Buy, 8 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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KeyBanc is maintaining its Buy rating on shares of G-III Apparel (NASDAQ: GIII) while cutting its price target from $36 to $25.
The unfavorable weather has been hurting the company's core outerwear business, and as a result the firm has reduced its 2011 and 2012 EPS estimates from $3.10 and $3.90 to $2.75 and $3.33.
The firm highlights that all of the companies which it covers in the retail space are beginning to see cycle peak product costs. KeyBanc reports the companies having a hard time passing on the price increase as vendors are getting squeezed from both a margin and unit perspective.
An analyst at KeyBanc comments, "PERY’s Q3 performance, coupled with weak performance from G-III Apparel Group in 1H11, point to a department store group that is increasingly pushing on its vendor base."
For an analyst ratings summary and ratings history on G-III Apparel click here. For more ratings news on G-III Apparel click here.
Shares of G-III Apparel closed at $20.70 yesterday.
The unfavorable weather has been hurting the company's core outerwear business, and as a result the firm has reduced its 2011 and 2012 EPS estimates from $3.10 and $3.90 to $2.75 and $3.33.
The firm highlights that all of the companies which it covers in the retail space are beginning to see cycle peak product costs. KeyBanc reports the companies having a hard time passing on the price increase as vendors are getting squeezed from both a margin and unit perspective.
An analyst at KeyBanc comments, "PERY’s Q3 performance, coupled with weak performance from G-III Apparel Group in 1H11, point to a department store group that is increasingly pushing on its vendor base."
For an analyst ratings summary and ratings history on G-III Apparel click here. For more ratings news on G-III Apparel click here.
Shares of G-III Apparel closed at $20.70 yesterday.
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