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Earnings season is under way, and we are continuing to update price targets, buy/sell ratings, etc. for companies that we currently cover. Today, we have updated several companies. They include G-III Apparel (NASDAQ:GIII), Hanes Brands (NYSE:HBI), Lululemon (NASDAQ:LULU), PVH Corp. (NYSE:PVH), VF Corp. (NYSE:VFC) and Quiksilver (NYSE:ZQK).

The chart below shows new ratings, price targets, and buy/sell ranges versus old ones:

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GIII – Downgrade From Buy to Hold, Decrease PT From $54 to $28.50

G-III Apparel has a lot of positives going for it, but we had to significantly reduce the price target for the company after the latest reports. We had overestimated our expectations for the company for this year and next year, and they have not met our expectations. We think that the company has a lot of positives, but we expected margins to be better than they were this year. We expected their margins to be better than they were this year since they are in the high fashion industry and could pass on costs better to other companies. We have increased their discount rate a lot and reduced our expectations for the coming years.

HBI – Upgrade From Hold to Buy, Increase PT From $32 to $39

Hanes Brands has been upgraded to a Buy as the company has lost a lot of value that we believe is a bit undeserved. The company is now operating with a 7.3 future P/E ratio. We believe they are worth a lot more. The company has dealt very well with margins. They are currently operating with a better margin despite rising cotton prices. We had reduced our margin for the company for the year and next, but the company has bucked that trend. They look like a strong buy right now, and we expect a strong 2012 from them.

LULU – Maintain at Hold, Decrease PT From $69 to $46.50

Lululemon is currently a Hold. The company is one of the best growth stocks out there right now, but they have a major issue that they have priced in a lot of growth already into the stock price. The company is still, despite a major drawdown, operating with a 42 P/E. They look fairly valued at this level, and we think that now is a good place to hold the stock. Any moves down of any major level will be a nice place to pick up the stock. We would like to pick up LULU on a move below $40.

PVH - Downgrade From Hold to Sell, Increase PT From $63 to $64.50

PVH looks like a Sell to us at these levels. The company is definitely not overvalued, but we believe that the company's upside is limited by the fact that they have $2B in debt. They are trying to work that debt off, but we believe that it continues to be a hassle to the company's equity value at this time. Until that debt is worked off, we believe PVH has limited upside. The company, additionally, will not be enjoying the benefit of increasing growth in income and revenue with its acquisition of Calvin Klein in 2012.

VFC - Maintain at Buy, Increase PT From $146 to $171

VF Corp. continues to be a Buy for us. The company has a lot of upside from its current levels and is one of the best growth stocks in the industry. The company made a great acquisition of Timberland, and they continue to have great growth moving forward. The company beat our expectations for the year, and we believe they are going to continue to grow at a strong rate through 2015.

ZQK - Maintain at Sell, Decrease PT From $3 to $2.50

Source: Updating Price Targets And Ratings For 6 Apparel Companies