G-III Apparel price target raised to $40 from $34 at KeyBanc

KeyBanc raised the firm’s price target on G-III Apparel (GIII) to $40 from $34 and keeps an Overweight rating on the shares. The firm notes G-III reported revenue slightly below, a beat on EPS by about 30c, and raised FY24 bottom-line guide. KeyBanc believes that G-III continues to execute against a difficult environment and is encouraged by efforts within the go-forward business to grow higher-margin owned brands as well as additional licensing opportunities, which should result in further earnings outperformance near-term.