G-III Apparel price target raised to $38 from $36 at Guggenheim

Guggenheim raised the firm’s price target on G-III Apparel (GIII) to $38 from $36 and keeps a Buy rating on the shares after the company reported Q3 adjusted EPS of $2.59, above the firm’s $2.26 estimate. Net sales were $1.09B, slightly below the firm’s estimate as unreasonably warm weather in the U.S. negatively impacted outerwear demand in Q3, the analyst noted. While the firm remains cautious for the remainder of this year given the challenging consumer environment and “unreasonable weather,” it is raising profitability estimates due to the strong performance in owned brands.