UPDATE: Topeka Capital Markets Initiates Coverage On Guess? At Hold on Unresolved Business Issues

In a report published on Monday, Topeka Capital Markets analyst Dorothy S. Lakner initiated coverage on

with a Rating of Hold and a price target of $34. In the report, Topeka Capital Markets stated, "While GES is a globally recognized brand with the potential to return to 15%+ growth over the next few years, room to grow in all regions globally, management changes, macro and merchandising issues to resolve across multiple concepts has put a lot on GES' plate. We are believers in the global Guess? brand, but prefer to sit on the sidelines until the new executives have had time to settle in and initiatives to fix the business begin to gain traction." Guess? closed on Friday at $31.78.