Zacks Investment Research upgraded shares of Guess' Inc (GES) from UNDERPERFORM to NEUTRAL on July 20, 2012, with a target price of $30.00.
We are upgrading Guess's recommendation from Underperform to Neutral on the back of better than expected first quarter fiscal 2013 results. The company delivered earnings of $0.30 that surpassed the Zacks Consensus Estimate as well as the management's guidance. Revenue also exceeded Zacks Consensus Estimate on the back of slightly improving conditions in North American. We are encouraged by the strong brand portfolio and brand building initiatives of the company. Further, the company is expanding fast into international markets. The growing e-commerce business and increasing presence on the social networking sites are also encouraging.
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