UPDATE: KeyBanc Upgrades G-III Apparel Group to Buy

KeyBanc is out with its report today on G-III Apparel (NASDAQ: GIII), upgrading GIII to Buy.

In a note to clients, KeyBanc writes, "We think G-III Apparel Group, Ltd. has a number of attractive growth opportunities and valuation at 8.9x 2012 P/E is compelling, we move to BUY. We have long believed that G-III had superior growth prospects, driven from a combination of its Calvin Klein sportswear business and dresses. We think that the Calvin Klein small leather goods business represents a strong growth opportunity, and by our math, could contribute in excess of $1.00 in EPS,"

KeyBanc has a $42 PT on GIII.

Shares of GIII closed Tuesday at $33.98.