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Fly News Breaks for December 5, 2019
Dec 5, 2019 | 09:02 EDT
Needham analyst Rick Patel lowered his price target on G-III Apparel to $32 after its Q3 revenue miss and a cut in its FY20 guidance while forecasting its gross margin pressure to become "more prominent" as the company avoided the impact of trade tensions by selling through the pre-tariff products. The analyst still keeps his Buy rating on the stock, with G-III Apparel benefiting from the continued growth of its "power brands" and ahead of its decisions on retail strategic options expected in early 2020.
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