Piper Jaffray Reiterates Overweight On Guess (GES)
Piper Jaffray is reiterating its Overweight rating and $49 price target on shares of Guess (NYSE: GES). Piper Jaffray said August same-store-sales in Europe were much better than expected. This comes after attending Wednesday's investor meeting with management.
In a note to clients, Piper Jaffray writes, "Mgmt indicated they were very pleased with European retail operations as comps remain positive and have accelerated through August. The company plans to open 97 new stores in Europe with the UK, Germany, France, Spain and Eastern Europe as targeted markets. We note Italy has a population of approx. 60M and has 130 GES stores. France (40 stores) and the UK (18 stores) have similar populations but
significantly less stores. Germany is 33% larger but has only 4 stores."
Shares of Guess closed at $32.32 yesterday, a loss of 75 cents, or 2.27% yesterday.
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