UPDATE: Stifel Nicolaus Downgrades G-III Apparel Group to Hold on Limited Upside
Stifel Nicolaus reduced its rating on G-III Apparel Group (NASDAQ: GIII) from Buy to Hold and removed its previous $31 price target on shares.
Stifel Nicolaus noted, "The Vilebrequin acquisition (closed on August 7th) is expected to be neutral to FY13 EPS, but accretive in FY14. The annual revenue run rate is ~$60mn, with balanced contribution in 2Q-4Q with softer sales in 1Q. Vilebrequin is a high operating margin business, primarily focused on men's swimwear and resort-wear, with potential for expansion into other categories as well as the women's market. Currently, there are 60 company-owned stores and approx. 20 franchise partners, globally."
G-III Apparel Group closed at $36.17 on Wednesday.
Latest Ratings for GIII
|Aug 2014||Wunderlich||Initiates Coverage on||Buy|
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