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Fly News Breaks for May 12, 2016
M, GIII
May 12, 2016 | 09:33 EDT
Stephens analyst Rick Patel says G-III Apparel's (GIII) stock is down on the heels of Macy's (M) weak Q1 results and its downward guidance revision. While the analyst acknowledges the department store sector is "under fire" with weak domestic demand and tourism, he still sees G-III Apparel hitting its sales targets this year, largely driven by distribution gains. Patel says he would use the pullback in G-III Apparel's stock as a buying opportunity, and reiterates an Overweight rating and $58 price target on the shares.
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