UPDATE: Brean Murray Carret Raises PT on G-III Apparel Group to $42

Brean Murray Carret published a research report on G-III Apparel Group

and raised its price target from $35 to $42 ahead of an expected cold winter season. In the report, Brean Murray Carret wrote, "We believe SYNA remains a leader in touchscreen markets. However, we believe touchscreen markets have begun to see stagnating growth due to expansion of competitive landscape and ASP erosion. Recently reported FY12 saw y-y declines in both SYNA key end markets, PC/Non-PC. FY12 was the first reported y-y decline for SYNA in the last five fiscal years. Guidance for FY13 implied “modest growth.” We believe vague FY13 guidance is quite similar to vague FY12 guidance which implied “flat to up” revenue growth, only to report y-y declines ~8%. SYNA defines itself as a “high growth” company. We believe “high growth” companies typically provide forward revenue guidance implying growth levels ~15- 20%+. Since peaking in FY07 SYNA y-y growth has seen significant deceleration. Over the last five quarters SYNA did not report y-y growth in any quarter. Historical market capitalization trends suggest potential ceiling for SYNA ~$1B. Over the last four fiscal years, including currently, SYNA has exceeded ~$1B in market capitalization six times only to see declines within one or two quarters." Brean Murray Carret reiterated its Buy rating on G-III Apparel Group, which is currently trading up 9.55 percent from Tuesday's $32.88 closing price.