Piper Jaffray Reiterates Overweight Rating on G-III Apparel (GIII)

Piper Jaffray is out with a research report this morning, where it reiterates its Overweight rating on G-III Apparel.

; it has a $42.00 price target on the stock. The PJ analysts cited a recent, upbeat investor presentation from Wayne Miller (

) and Neal Nackman (CFO). While the outerwear business started slow during the fall season, the company did experience a meaningful acceleration as the weather turned cold through the holiday season. A better outerwear season, coupled with the analysts' belief that business trends have remained consistent into 2011 for apparel retailers, should support a meet or beat Q4 for GIII, in their view. As for valuation, the analysts remarked, “[Our] Price Target of $42 based on 13x FY12E EPS of $3.25.”