These Analysts Boost Their Forecasts On G-III Apparel Group Following Upbeat Q2 Results

G-III Apparel Group Ltd GIII reported upbeat second-quarter results.

G-III Apparel Group reported second-quarter FY24 sales growth of 9% year-on-year to $659.76 million, beating the analyst consensus of $592.32 million. Adjusted EPS of $0.40 beat the analyst consensus of $0.01.

G-III sees FY24 sales of about $3.30 billion (prior view: $3.29 billion) versus the consensus of $3.27 billion. It sees FY24 adjusted EBITDA of $284 million - $289 million (prior view $267.0 million-$272.0 million). It raised adjusted EPS guidance to $3.20 - $3.30 from $2.80 - $2.90 versus the consensus of $2.80.

G-III shares gained 24.3% to close at $23.98 on Thursday.

These analysts made changes to their price targets on G-III Apparel following earnings announcement.

• Keybanc raised the price target on G-III Apparel from $23 to $26. Keybanc analyst Noah Zatzkin maintained an Overweight rating.
• Telsey Advisory Group increased the price target on G-III Apparel from $22 to $24. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.

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