Cowen analyst John Kernan reiterated an Outperform rating and boosted his price target on G-III Apparel (NASDAQ: GIII) to $62.00 (from $60.00) following strong Q3 results despite the weather.

Kernan commented, "GIII beat our, and consensus, Q3 EPS estimates with the high-end of the range of implied Q4 EPS guidance in-line with our, and, consensus estimates. We are increasing our FY17 sales and EPS estimates as we previously overestimated the weather impact on outerwear sales and margin. We are raising our PT to $62 from $60, 19x our FY17E EPS and highlight that GIII now trades at 16x our FY17E EPS."

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Shares of G-III Apparel closed at $47.39 yesterday.