Needham analyst Rick Patel lowered his price target on G-III Apparel to $50, modeling a more conservative multiple of 15-times from 19-times to reflect its "greater execution challenges". The analyst keeps his Buy rating on the shares however and views its current valuation of 10.5-times vs. 16-times forward earnings as "highly attractive". Patel notes that the stock sold off on lower retail comps and gross margin contraction in Q3, even though the company posted a "beat and raise" quarter, adding that G-III Apparel still has earnings power to reach $5 per share.