UPDATE: Citi Downgrades Rating to Neutral and Lowers PT to $33 on Guess

A report from Citi downgrades its rating from Buy to Neutral and lowers its price target from $47 to $33 on Guess Inc.

. The report states, “GES's 3Q came with a double digit drop in its retail comp in Europe and we think there's both a product and macro issue at work there. The US is on better footing from a margin perspective but comps remain negative, impacted by soft traffic as it contends with assortment issues here. Consensus estimates have come down but not enough, in our view.” GES closed yesterday at $29.61.