UPDATE: Jefferies Reiterates Hold Rating, Raises PT on Guess? Following Strong 2Q EPS Report

In a report published Thursday, Jefferies analyst Randal J. Konik reiterated a Hold rating on

, and raised the price target from $27.00 to $29.00. In the report, Jefferies noted, “GES' 2Q EPS beat expectations handily though the positive results were tempered by a conservative FY outlook. Continued cost-saving efforts proved very effective this quarter as operating margins improved significantly on topline growth of less than 1%, hindered by soft traffic patterns. Despite the strong beat on the bottom line, we await signs of sustainable improvement before becoming more positive on the name. Reiterate Hold.” Guess? closed on Thursday at $27.31.