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CIBC World Ups Guess to Sector Perform

CIBC World raised its investment recommendation on Guess (GES) to sector perform from underperform, citing factors such as the company's continuing sales momentum.

Analyst Dorothy Lakner says a stumble is unlikely in the near term for the company. She says she's been cautious on a number of initiatives at Guess, but results continue to surprise her on the upside. She noted that third quarter earnings per share were 10 cents above her estimates, reflecting strong sales, and a 510 basis point gain in gross margin. She sees big growth opportunities ahead for Guess providing its business remains well controlled. She raises her $1.08 2005 and her $1.27 2006 earnings per share estimates to $1.18 and $1.35, respectively. She also set her early 2007 earnings per share estimate of $1.60.

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