Piper Jaffray Cuts Price Target For Guess, Inc

In a report released Wednesday, Piper Jaffray analyst Erinn Murphy released coverage on Guess, Inc. GES maintaining its Overweight rating on the retailer, while reducing its price target from $32 to $29 a share. Analyst at Piper Jaffray claims Guess could experience pressure from its highly promotional handbag market domestically as seen from competitors such as Michael Kors Holdings Ltd KORS, Coach Inc COH, and Kate Spade & Co KATE. Since Piper Jaffray upgraded Guess to Overweight in July, the handbag market has faced margin challenges in the US bringing down bringing down retailers in the SLG environment. Piper Jaffray's cuts Guess's full year 2015 EPS estimate from $1.52 to $1.35 and full year 2016 EPS forecast from $1.86 to $1.70.