G-III Apparel price target raised to $38 from $32 at Telsey Advisory

Telsey Advisory analyst Dana Telsey raised the firm’s price target on G-III Apparel (GIII) to $38 from $32 and keeps a Market Perform rating on the shares. Trends from the first half of the year continued into Q3, with softer sales that was more than offset by better gross margin and expense control leading to the earnings beat, the analyst tells investors. The firm remains encouraged by the company’s efforts to increase its higher margin owned-brand exposure and grow its DTC penetration. Telsey maintains its rating on the stock given the continued pressure from the challenging macro environment and choppy wholesale channel.