) and lowered the price target from $31 to $29. Murphy wrote, "While admittedly we were early in our upgrade of GES shares, we believe the margin recovery prospects for GES remain longer term. We believe in the brand and its global appeal. That said, with soft current trends and below-expectations guidance, it will take more time than we previously assumed for margins to stabilize. With a plan to restructure the mgmt team and with new product and pricing initiatives on the horizon we are maintaining our longer-term favorable bias. In order for the stock to regain a full growth multiple, we need to see evidence that the N.A. business starting to inflect as well as consistent signs of a stabilizing trend in Europe." Guess? closed Wednesday at $26.95