Sterne Agee Lowers EPS Estimates on Guess?

A report from Sterne Agee reiterates its Buy rating and $56 price target, and lowers its FY12/13/14 EPS estimates from $3.35/$3.95/$4.76 to $3.24/$3.84/$4.66 on Guess?

. The report states, “Last year GES earned $0.75. Guidance for Q3 included sales of $650-$655 million with an operating margin of 15% versus 15.1% last year with EPS at $0.71-$0.74. Given the adverse economic news in Europe we believe there is risk to estimates but we believe this is reflected in the stock price.” GES closed yesterday at $28.06