UPDATE: ISI Lowers Price Target On Guess? To $37

According to ISI, Guess? GES price target is lowered to $37. ISI said that despite another strong quarter with sales +17% and EPS +16%, it looks like the valuation of Guess shares could remain subdued. “We are lowering our 2011 EPS estimate to $3.25 from $3.34, our 2012 estimate to $3.70 from $4.00, and our 2013 estimate to $4.15 from $4.70. We are also reducing our price target from $45 to $37, reflecting 11.4x our 2011 estimate.” Guess? closed yesterday at $31.79.