UPDATE: Jefferies Lowers PT on Guess from $62 to $60

Jefferies has published a research report on Guess GES lowering the price target by $2. In the report, Jefferies wrote, "An earnings guide down was expected by the Street, which we think was expecting a new range closer to $3 or lower. As such, the revised $3.25-$3.35 range that GES provided (vs. the prior $3.30-$3.50) is not that bad and shows resiliency in the business. Moreover, as margin compares ease, especially next year, we expect the earnings recovery to continue here." Jefferies rated Guess a BUY with a price target lowered from $62.00 to $60.00. Jefferies closed Wednesday at $33.29.