Story updated at 9:50 a.m. to reflect market activity.
Shares of Guess fell -8.8% to $23.38 in morning trading.
The analyst firm also lowered its EPS estimates for the company through 2016. Guess is seeing soft store traffic and higher promotional activity in North America according to Jefferies analysts.Must Read: 50 Stocks Hedge Funds Love STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. ---------------- Separately, TheStreet Ratings team rates GUESS INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation: "We rate GUESS INC (GES) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity." You can view the full analysis from the report here: GES Ratings Report GES data by YCharts EXCLUSIVE OFFER: See inside Jim Cramer's multi-million dollar charitable trust portfolio to see the stocks he and Stephanie Link think could be potentially HUGE winners. Click here to see the holdings for FREE.