UPDATE: Brean Murray Carret & Co. Lowers Guess' PT

According to a research report published this morning, Brean Murray Carret & Co. has lowered Guess' (NYSE: GES) PT from $42 to $35.

Brean Murray Carret & Co. said in the report, "We are reiterating our Buy rating, but slashing our FY13 EPS projection to $2.22 (from $2.61) and FY14 EPS estimate to $2.66 (from $3.08) and cutting our price target to $35 (from $42) ahead of the 1Q earnings release on Tuesday after the close, as we believe the international woes engulfing key retail names have hit GUESS? particularly hard, as the company has material bottom line earnings exposure from Korea and Southern Europe, both of which we have seen utilized as a key excuse for misses from a number of other players (i.e. True Religion [TRLG $28.11, Buy] and Warnaco [WRC $43.09, Hold]) who directly compete with GUESS?. We see no reason why GUESS? will be immune from these contagions."

Guess? closed Friday at $24.51.