UPDATE: Wall Street Strategies Lowers PT on Guess? to $48 (GES)

Wall Street Strategies is out with its report on Guess? GES, lowering its PT from $52 to $48. In a note to clients, Wall Street Strategies writes, "The stock is trading at a mere 9.7x our FY12 estimate of $3.90 per share, a valuation we feel accounts for the downside risk to consensus as a result of near-term execution considerations. Our Buy rating remains intact under the premise that the Guess brand globally is quite strong, square footage growth potential is robust in emerging markets, and execution will likely revert back to the mean (mean being quite good)." Shares of GES closed Tuesday at $37.80, up 0.05% from Monday's close.