- Telsey Advisory Group analyst Dana Telsey reiterated a Market Perform rating on the shares of Guess? Inc (NYSE:GES) with a price target of $23.00.
- The analyst said the company’s Q2 earnings downside was primarily driven by a higher tax rate that negatively impacted EPS.
- The downbeat guidance issued by GES was driven by currency headwinds and a more difficult prior-year COVID-relief-driven comparison.
- With currencies having an increasingly unfavorable impact on both sales and operating income, the updated outlook now assumes a roughly 800 basis point sales headwind and a $55 million impact on operating profit, the analyst noted.
- The analyst also mentioned that the macro challenges and uncertainties persist with no real visibility of an improved operating environment.
- Telsey added that both the quarterly and annual outlooks disappointed relative to prior expectations, primarily reflecting increased FX pressure in the back half of the year.
- Price Action: GES shares are trading lower by 3.59% at $18.55 on the last check Thursday.
Piper Sandler Maintains Neutral on TPI Composites, Lowers Price Target to $16
Piper Sandler analyst Kashy Harrison maintains TPI Composites (NASDAQ:TPIC) with a Neutral and lowers the price target from $17 to $16.
