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Pacific Growth Keeps 'Overweight' on Gymboree


Pacific Growth keeps its overweight rating on Gymboree (GYMB).

Analyst Dawn Stoner says the stock is rising because the children's retailer reaffirmed its second-half outlook; the second-quarter results were in line. She maintains her earnings per share estimates at 26 cents for the third quarter, 88 cents for fiscal 2004 (Jan.), and $1.11 for fiscal 2005. Gymboree reaffirmed the guidance of 25 cents to 27 cents third-quarter earnings per share, 39 cents to 41 cents in the fourth quarter, and 84 cents to 88 cents in fiscal 2004.

Stoner says she'd been concerned about the boys' business, which continues to struggle. However, she notes that new merchandising steps are expected to drive stronger results by the fourth quarter, as management has acknowledged its boys' business has gotten too basic and needs more fashion and novelty to excite customers.


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