(Updated with stock price and additional analyst upgrades.)
Jefferies & Co. analyst Randal Konik raised his price target on the stock to $50 from $47 and maintained his buy rating. This implies the stock could soar 35% from its close on Monday at $37.05.
On the news, shares of Guess are spiking 12.3% to $41.59 in morning trading.During the quarter, the retailer earned $64.1 million, or 69 cents a share, compared with $64 million, or 67 cents, in the year-ago period. There were fewer shares this year than last, which boosted per-share results. Analysts expected Guess to earn 50 cents a share. Sales fell less than 1% to $522.8 million from $527.9 million. Guess said that there is still plenty of room to grow both overseas and domestically. Looking ahead, the company predicts fourth-quarter earnings in the range of 77 cents to 80 cents a share and full-year earnings between $2.45 and $2.48 a share. Both estimates are above Wall Street's consensus. Brean Murray Carret analyst Eric Beder also upped his price target to $51 from $39. "Guess provided a compelling demonstration of how to manage in tough economic times and to drive material upside via differentiated product, stringent cost controls and an aggressive international expansion plan," he wrote in a note. Wall Street Strategies analyst Brian Sozzi lifted his price target to $49 from $47, while Christine Chen, analyst at Needham, upped her target to $52 from $40. -- Reported by Jeanine Poggi in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.
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