BTIG raised the firm's price target on G-III Apparel (GIII) to $40 from $34 and keeps a Buy rating on the shares. The company reported Q1 results ahead of expectations, though the top line decline reflects the continued PVH (VPH) license roll-off, the analyst tells investors in a research note. The firm added that gross margin expanded meaningfully, with GAAP gross margin including a roughly $103M tariff refund benefit, while adjusted gross margin backs out roughly $120M of tariff-related benefits.
