G-III Apparel Analysts Increase Their Forecasts After Upbeat Earnings
Portfolio Pulse from Lisa Levin
G-III Apparel Group (NASDAQ:GIII) reported Q3 FY24 earnings with a slight sales decline but exceeded EPS expectations. The company adjusted its FY24 EPS forecast upwards, while net sales estimates were lowered to align with expectations. Despite the upbeat earnings, G-III shares dropped 1.3%. Analysts from Keybanc, Telsey Advisory Group, and Barclays raised their price targets on G-III Apparel following the earnings announcement.
December 06, 2023 | 12:55 pm
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POSITIVE IMPACT
G-III Apparel exceeded EPS estimates for Q3 FY24 and raised its FY24 EPS outlook, but shares fell post-earnings. Analysts have raised price targets, indicating a positive outlook.
The positive earnings report and raised EPS guidance for FY24 are likely to be seen as bullish signals by investors, despite the initial stock price drop. The increased price targets from analysts suggest confidence in the company's performance and may lead to a positive short-term impact on the stock.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100