UPDATE: Citi Lowers Price Target On Guess? To $47

According to Citi, Guess? GES put up a solid quarter with a $0.03 beat to consensus ($0.07 vs the estimate) that was driven by better top-line and an improvement in the gross margin. Citi said that the U.S. business is on stronger footing and Europe delivered a solid quarter with 30% revenue growth and a slight decline in the gross margin. “Our estimate moves to $3.27 versus the new guidance range of $3.25 to $3.35 to account for the 2Q upside; our 2H estimates remain unchanged.” Guess? closed yesterday at $33.29.