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Fly News Breaks for May 14, 2019
GIII
May 14, 2019 | 06:05 EDT
Piper Jaffray analyst Erinn Murphy downgraded G-III Apparel to Neutral from Overweight and lowered her price target for the shares to $35 from $43. The company produces a large amount of its goods in China, Murphy tells investors in a research note. The analyst reduced her estimates based on existing tariffs in place, which she sees impacting G-III Apparel's second half earnings. The company's exposure to China and the recently proposed tariffs to the apparel/footwear categories will weigh on its multiple, says Murphy.
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