Apparel retailer Guess rises after B. Riley starts coverage with 'buy'

Guess?

12/09/2023 14:57

(Updates)
    ** Shares of apparel retailer Guess  GES.N  up 1.6% at
$23.12 in early trading after B. Riley Securities starts
coverage with "buy" rating and PT of $31
    ** Stock on course to snap two-day losing streak if gains
hold    
    ** Brokerage's PT represents a 35.3% upside on stock's last
close
    ** Investment community has "largely forgotten" about GES
and has rarely given it the respect that the brand's global
appeal and cash flow generation seem to warrant - B. Riley
    ** Brokerage notes GES has beaten and raised its outlook in
the last two quarters; says this is due to slight pivots in
strategy like realigning Asia business and optimizing its
licensing portfolio
    ** GES's relationship with Spanish model Georgina Rodriguez
for its fall campaign could be upside catalyst to H2 2023
results - brokerage
    ** 3 of 5 brokerages rate the stock "buy" or higher, 2
"hold"; median PT $28 - LSEG data
    ** Including session moves, stock up 11.6% YTD

 (Reporting by Granth Vanaik in Bengaluru)
 ((Granth.Vanaik@thomsonreuters.com; Twitter: https://twitter.com/Vanaik_Granth))