Guess surges after raising FY profit forecast

Guess?

24/08/2023 12:00

** Apparel retailer Guess shares  GES.N  advance 16.2% to
$21.28 premarket after company lifts FY earnings outlook
    ** Co expects annual adj. profit/shr in the range of $2.88
and $3.08 vs previously reported $2.60 to $2.90 - Refinitiv data
    ** Brokerage Jefferies lifts PT to $28 from $25, which
represents about 55% upside to stock's last close of $18.31
    ** "We see meaningful opportunity ahead for GES to drive
margin expansion via cost savings and efficiencies" - Jefferies
    ** Says co's rev growth to be spearheaded by digital
initiatives, new store developments and category expansion
    ** Up to last close, stock had fallen 11.5% YTD

 (Reporting by Johann M Cherian in Bengaluru)
 ((johann.mcherian@thomsonreuters.com;))