UPDATE: Benchmark Raises PT to $26 on Perry Ellis International on Higher Multiple

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Benchmark reiterates its Buy rating on Perry Ellis International
PERY
and raises its price target from $22 to $26. Benchmark notes, "While we do not expect Perry Ellis to report 2Q13 until mid-August and its quarter does not end until the end of July, we believe new and improved Rafaella and Perry Ellis product is beginning to show up in stores. We believe there could be upside potential in the back half of FY13 from turning around the Rafaella and Perry Ellis lines, along with the current momentum in dresses and golf combined with product cost reductions from cheaper cotton. While we maintain our earnings estimates, we increased our price target on a slightly higher multiple, given our greater conviction in a turnaround in operations." PERY closed at $20.99 on Wednesday.
Posted In: Analyst ColorPrice TargetReiterationIntraday UpdateAnalyst RatingsBenchmark
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