UPDATE: Piper Jaffray Lowers PT on Guess? to $35

A report from Piper Jaffray reiterates its Overweight rating, lowers its price target from $36 to $35, and lowers its FY12/13 EPS estimates from $3.20/$3.60 to $3.13/$3.53 on Guess? GES. The report states, “We are reducing our estimates for FY12 and FY13 in light of ongoing concerns over European sovereign debt issues and the tone of caution/decelerating European sales trends from global retailers thus far in Q3. Southern Europe remains a concern with most recent consumer confidence levels in Italy showing further deceleration in Oct vs. Sept.” GES closed Friday at $28.05.