UPDATE: Jefferies & Company Downgrades Guess? to Hold, Lowers PT

In a report published Friday, Jefferies & Company downgraded its rating on Guess?

from Buy to Hold, and lowered its price target from $45.00 to $25.00. Jefferies noted, “We've endured the pain train for too long and our call was wrong. Clearly today's management departure announcements are significant, leadership is in flux, the brand is under pressure in the U.S., and international risks remain. We don't think there is massive downside from here but we can't continue to support the stock after today's development. Downgrade to Hold; PT now $25.” Guess? closed on Thursday at $25.89.