UPDATE: Piper Jaffray Maintains Overweight, Lowers PT to $33 on G-III Apparel

Piper Jaffray reiterates its Overweight rating on G-III Apparel Group (NASDAQ: GIII) as third quarter results came in line with expectations. Price estimate is lowered to reflect higher markdowns and allowances on the outerwear category. Piper Jaffray says, “Implied FQ4 guidance of $0.28-0.38 compares to our $0.65 estimate and consensus of $0.59: FY12 EPS was guided down from $3.05-3.15 to $2.50-2.60 which implies FQ4 guidance of $0.28-0.38. While this was well below our estimate, we believe the guidance reflects a baseline scenario that accounts for the current retail environment and unseasonably warm weather.”GIII closed at $20.36 per share on Wednesday.