UPDATE: Piper Jaffray Maintains Overweight, Lowers PT to $33 on G-III Apparel

Piper Jaffray reiterates its Overweight rating on G-III Apparel Group

as third quarter results came in line with expectations. Price estimate is lowered to reflect higher markdowns and allowances on the outerwear category. Piper Jaffray says, “Implied FQ4 guidance of $0.28-0.38 compares to our $0.65 estimate and consensus of $0.59: FY12 EPS was guided down from $3.05-3.15 to $2.50-2.60 which implies FQ4 guidance of $0.28-0.38. While this was well below our estimate, we believe the guidance reflects a baseline scenario that accounts for the current retail environment and unseasonably warm weather.” GIII closed at $20.36 per share on Wednesday.