Piper Jaffray Reiterates G-III Apparel Overweight Rating

According to Piper Jaffray, G-III Apparel Group (NASDAQ: GIII) Overweight rating is reiterated.

Piper Jaffray reported that it is reiterating its Overweight rating and $46 price target following a meeting with Karl McErlean, G-III Apparel's EVP of Sourcing in Shanghai, China. “While sourcing costs remain an industry pressure, we believe that GIII is relatively well positioned for FY12 due to strong, long-term relationships with factories, early capacity commitments, and less cotton exposure. Dresses, sportswear, accessories and licensing will be key drivers of growth in FY12 as category and door expansion drive domestic share gains. Only 3.5% of GIII's revenue is from outside the U.S. suggesting there is also a significant opportunity for int'l growth. GIII remains a top small-cap pick as we believe shares will continue to move higher through multiple expansion and earnings upside.”

G-III Apparel Group closed yesterday at $38.72.