UPDATE: Piper Jaffray Lowers PT on G-III Apparel Group to $35
A report from Piper Jaffray reiterates its Overweight rating, lowers its price target from $40 to $35, and lowers its FY12/13 EPS estimates from $3.10/$3.60 to $2.89/$3.48 on G-III Apparel Group (NASDAQ: GIII).
The report states, “We are reducing our estimates and price target as an increasingly promotional season and lack of a weather catalyst will likely pressure margins for the second half of the year. Season-to-date national weather trends have been colder than last year, but remain above historical averages in the Northeast and Midwest.”
GIII closed yesterday at $20.70.
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