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Guess Stock Spikes on Price Target Hikes

(Updated with stock price and additional analyst upgrades.)

NEW YORK ( TheStreet) -- Guess (GES - Get Report) stock received a boost from analysts Tuesday a day after it posted better-than-expected third-quarter earnings.

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.

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Copyright 2009 TheStreet.com Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. AP contributed to this report.

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