Piper Jaffray Cuts Price Target On Guess

In a report released Wednesday, Piper Jaffray analyst Erinn Murphy released coverage on Guess (NYSE: GES) maintaining its Overweight rating, while reducing its price target from $32 to $29.

Analysts at Piper Jaffray claim Guess could experience pressure from its highly promotional handbag market domestically, as seen from competitors such as Michael Kors, Coach and Kate Spade. Since Piper Jaffray upgraded Guess to Overweight in July, the handbag market has faced margin challenges in the United States, bringing down retailers in the SLG environment.

Piper Jaffray cuts Guess' full year 2015 EPS estimate from $1.52 to $1.35 and full year 2016 EPS forecast from $1.86 to $1.70.