UPDATE: Brean Murray Carret Downgrades The Warnaco Group to Hold

Brean Murray Carret lowers its rating on The Warnaco Group (NYSE: WRC) as shares reach its price target of $59, which is now suspended.

Brean Murray Carret notes, "We are reducing our rating, pulling our price target and reducing our 2012 EPS to $4.35 (from $4.45), and rolling out quarterly projections after WRC achieved our price target of $59. While we continue to believe the company remains one of the better longer term international growth stories in our universe, with a strong management team and a premier brand (Calvin Klein), we believe the Street is aggressive on 4Q11 and, more importantly, on 1@12, as Warnaco wil be facing a series of Negatives, from FX issues to limited price increases to a more normalized square footage rollout schedule."

WRC closed at $59.27 a share on Monday.