UPDATE: Brean Murray Carret Cuts PT to $35 on Guess ahead of Q1

Brean Murray Carret lowers its price target on Guess (NYSE: GES) from $42 to $35 as it reiterates its Buy rating on shares.

Brean Murray Carret comments, "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."

GES closed at $24.51 on Friday.