Sterne Agee Maintains Buy on Guess?

Sterne Agee is out with its report today on Guess? GES, maintaining Buy. In a note to clients, Sterne Agee writes, "We are raising our FY12 estimate to $3.50 from $3.48 given the upside in Q1 results. Our FY13 estimate is upped to $4.18 from $4.02 previously. Our target price of $58 is unchanged and is based upon a P/E of 13.9x times our forward estimate. We continue to view GES as undervalued given the myriad of opportunities around the globe where the firm is in the beginning stages of developing key markets such as China." At the time of posting, shares of GES were trading pre-market at $45.10, up 12.47% from Wednesday's close.