UPDATE: Piper Jaffray Lowers PT on Guess from $52 to $49

Piper Jaffray has published a research report on Guess? GES lowering the price target by $3. In the report, Piper Jaffray wrote, "We previewed the holiday and Spring deliveries at the MAGIC apparel show in Las Vegas and despite the volatile market trends over the least several weeks, we are encouraged by the positive responses to this line from wholesale accounts thus far, in addition to the elevated fashion penetration for this brand." Piper Jaffray rated Guess? an Overweight with a price target lowered from $52.00 to $49.00. Guess? closed Monday at $31.54.