Geolocation data suggest "significant" improvement in June traffic levels for Guess, Jefferies analyst Janine Stichter tells investors in a research note. Further, web traffic data show rising penetration of Guess's shopping cart and checkout page, suggesting improving conversion, adds the analyst. As a result, she believes the company's near-term performance may not be as challenging as the market is pricing in. In addition, Guess's longer term opportunity "remains very much intact," says Stichter. The analyst keeps a Buy rating on the shares with a $24 price target.