KeyBanc raised the firm’s price target on G-III Apparel (GIII) to $35 from $33 and keeps an Overweight rating on the shares. The firm says the company’s bottom line continues to outpace expectations, beating by about 30c in Q3. Q4 is expected to be the peak for margin headwinds. Though topline assumptions remain cautious due to consumer uncertainty and lapsing of PVH licenses, KeyBanc continues to see potential within the go-forward business to drive margin and earnings expansion opportunities into next year. Net net, the firm believes the transition period remains dynamic but remains encouraged by G-III’s ability to execute on its own brand strategy amid uncertainty.
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