Brean Murray Carret Cuts Price Target on G-III Apparel (GIII) Due to Warmer Weather

Brean Murray Carret & Co. is reiterating its Buy rating on shares of G-III Apparel (NASDAQ: GIII), but is reducing its price target from $35 to $28.

The firm highlights that due to warmer weather and signs from other retailers that winter apparel is seeing some difficulty, they are lowering their FY12 and FY13 EPS estimates from $3.08 and $3.50 to $2.51 and $$2.81.

Brean Murray Carret notes that based on the potential for other licensing agreements, a better inventory position, and weaker raw material costs their FY12 earnings estimate is extremely conservative.

An analyst at Brean Murray Carret comments, "We see no reason to offer anything other than the 'worst case' to investors."

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 $18.55 yesterday.

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