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Fly News Breaks for July 19, 2016
GES
Jul 19, 2016 | 05:38 EDT
Piper Jaffray analyst Erinn Murphy downgraded Guess to Underweight saying she's "incrementally wary" on the company's turnaround plan to get to 7.5% in EBIT by 2018. The analyst sees negative catalysts accelerating over the next 12 months. Murphy notes the retailer's store growth is accelerating despite a contracting industry and she views the company's inventory levels as "bloated." She cut her price target for Guess shares to $12 from $15.
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