G-III Apparel Group Inc. is set to report first-quarter results after market on Tuesday, and analysts are expecting the company to deliver higher earnings per share than the year-ago period – on double-digit sales growth.

The company’s stock has been performing well — trading around $56 a share. The 52-week range is a low of $35.34 and a high of $60.16. Results have been driven by licensed products and acquisitions. But is the growth trend flattening out?

That’s the concern of at least one analyst in a report today. “We continue to favor G-III’s increasingly diversified portfolio of brands and businesses; however, absent another acquisition, growth in sales and earnings are normalizing as expected, making multiple expansion harder to justify,” said Dana Telsey, chief research officer at Telsey Advisory Group.

Telsey has the stock at a “market perform” rating and a $58.50 price target. Telsey based that target on a price-to-earnings multiple of 19.6 (derived from a fiscal 2017 EPS of $2.98). The implication of the analyst is that G-III needs an acquisition to drive sales and earnings as well as the stock price up.

Telsey said in her research note that she expects the company’s wholesale licensed segment to generate 12 percent net sales growth “driven by continued strength of Calvin Klein product such as women’s sportswear, suits, and dresses.”

She added that, “We forecast 10.3 percent net sales growth in the wholesale non-licensed segment, supported by solid performance in Eliza J and improved performance in Jessica Howard, and potentially higher private label sales.”

Total sales for the quarter are expected to be around $406 million, according to Telsey and other research analysts.

G-III is considered a bellwether for branded and private-label products in the apparel industry. It makes and distributes dresses, women’s suits, swimwear, outerwear, sportswear and women’s performance wear as well as footwear, accessories and handbags. The company also sells resortwear and related accessories under its Vilebrequin brand.

G-III’s fashion licenses include: Calvin Klein, Dockers, Kenneth Cole, Levi’s, Cole Haan, Guess, Tommy Hilfiger, Jones New York, Jessica Simpson, Vince Camuto, Ivanka Trump and Ellen Tracy.