UPDATE: Piper Jaffray Upgrades Guess to Overweight on Global Recovery Signs

Piper Jaffray raised its rating on Guess

from Neutral to Overweight and raised its price target from $25 to $31. Piper Jaffray noted, "We are upgrading shares of GES from Neutral to Overweight following the company's Q3 report, tied to our belief that we are seeing the initial signs of global brand stabilization. In Q3, the North American comp trend improved sequentially and Europe was "less worse." While we are resetting our ests., we believe investment rationale for GES will slowly shift from recovery to earnings power over the next couple of quarters. We believe op margins can recover from the 10%-range to the mid-teens over time." Guess closed at $25.25 on Wednesday.