UPDATE: Deutsche Bank Downgrades Perry Ellis to Hold

A report from Deutsche Bank downgrades its rating to Hold and reiterates its $29 price target on Perry Ellis (NASDAQ: PERY).

The report states, “This morning, PERY reported disappointing 3Q EPS of $0.40 versus our orecast of $0.58 and the Street's $0.61. While sales of $248M were more or less in-line with our own number, gross margin declined by 240bp, by more than our expectation and that of the Street.”

PERY closed yesterday at $21.44.