UPDATE: Wedbush Upgrades Guess? to Outperform on Valuation, Turnaround Signs
Wedbush upgraded Guess? (NYSE: GES) from Neutral to Outperform and raised 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.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.