UPDATE: Wedbush Upgrades Guess? to Outperform on Valuation, Turnaround Signs

Wedbush upgraded Guess? GES from Neutral to Outperform and raises the price target from $24.00 to $34.00 Wedbush commented, "We are upgrading shares of GES to OUTPERFORM from NEUTRAL as we believe the retailer has begun to introduce new merchandise that could affect a turnaround in North America. Our checks suggest product introductions that should prove our F13 EPS estimate of $2.42 or ~14% EPS growth achievable. As GES stock is currently trading at ~11x P/E, we believe shares are attractively valued and could undergo multiple expansion towards the softlines group average of ~16x on improved earnings visibility." Guess? closed at $26.96 on Thursday.