Citigroup Reports on Guess?

Citigroup commented on Guess? GES in a report released today. In the report, Citigroup was positive in its assessment of the company. Citigroup writes, "Double-digit revenue growth, solid merchandise margins in Europe and improving NA retail comps with fewer markdowns keep us favorably biased on GES here. We're raising our 2011 estimate to $3.20, which still incorporates a conservative view on 2H11. Inventory is relatively well manage (with NA in good shape), compares ease sequentially into 2H and we see near term estimates biased to the upside." Citigroup currently has a Buy rating on Guess? and a target price of $51. Shares of Guess? closed on Wednesday at $40.10, up from $38.81 at the opening bell.