UPDATE: BofA/Merrill Lynch Upgrades G-III Apparel (GIII) to Buy
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(Updated - November 13, 2019 8:09 AM EST)
(updated to add analyst comments)
BofA/Merrill Lynch analyst Heather Balsky upgraded G-III Apparel (NASDAQ: GIII) from Neutral to Buy with a price target of $36 (from $26), citing a clear catalyst path to earnings and multiple expansion.
see a catalyst path to multiple expansion, including a likely accelerated wind-down of its unprofitable outlet business and de-risking with regards to tariffs.
poised for outsized wholesale growth versus peers from distribution and category expansion at its power women’s brands (Tommy Hilfiger, Calvin Klein, DKNY).
raising F2019/20E EPS by 6/9c to $3.22/3.10 on higher sales and margins;
Shares of G-III Apparel closed at $28.50 yesterday.
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