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Fly News Breaks for March 17, 2016
M, GIII
Mar 17, 2016 | 07:48 EDT
Stephens analyst Rick Patel lowered his Q4 estimates for G-III Apparel (GIII), noting that the company "struck a cautious tone" while presenting at the ICR conference and that Macy's (M) previously stated that much of its comp weakness was due to poor performance in seasonal categories. Outerwear represents about 40% of G-III's sales, Patel points out in his note to investors. However, Patel still sees significant long-term growth potential for G-III and calls the stock the firm's Best Idea for 2016. The analyst keeps an Overweight rating and $70 price target on G-III shares.
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