Piper Jaffray Raises PT To $52 On GES

Piper Jaffray has raised its price target on Guess? Inc. GES from $48 to $52 in light of FQ1 results. Says Piper Jaffray, in its report, “We are reiterating our Overweight rating and raising our price target to $52 (15x FY12E EPS of $3.46) as FQ1 results beat our and Street estimates. Guess reported FQ1 EPS of $0.46 including a $0.09 impact from FX hedges as revenue increased 10% versus our 6% estimate. Europe, Asia and N.A. wholesale each reported stronger revenue growth and margins than expected and more than offset expected weakness in N.A. retail. FQ1 results give us increasing confidence in a second half recovery driven by gradually improving N.A. retail operations, European margin recovery and growth in Asia.” As mentioned above, Piper Jaffray is reiterating its Overweight rating on the stock. GES closed yesterday at $40.10.