BofA/Merrill analyst Heather Balsky downgraded G-III Apparel (GIII) to Neutral from Buy and lowered her price target for the shares to $21 from $35. Because of tariffs, the company will no longer be able to grow earnings in 2020, Balsky tells investors in a research note. The analyst previously thought G-IIII would be able to offset a large part of the trade impact with higher prices. However, Q2 commentary from its largest retailer Macy's (M) and its largest licensor PVH (PVH) signals that U.S. price increases will be very difficult to pass through in the slowing apparel retail environment, says the analyst.