Guess (GES) PT Raised to $46 at Jefferies

Jefferies analyst Janine Stichter raised the price target on Guess (NYSE: GES) to $46.00 (from $37.00) while maintaining a Buy rating following earnings.

The analyst commented, "2Q margin strength and generally in-line top-line trends (ex a timing shift, 4 points) are likely be obscured by the rev miss in Europe and commentary around intra-quarter decel in the region. We believe fundamentals in Europe remain healthy (strong order book, significantly reduced promos) and view COVID-driven volatility as transitory. We remain bullish on the LT margin opportunity driven by operational efficiencies, and note the LT
op margin raised to 12%"

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