Despite beating third-quarter earnings estimates after the market close Tuesday, shares of Oxford Industries Inc. fell in the morning trading session.

Investors were concerned over the cautious tone from management as well as downwardly revised earnings guidance. The parent of Lilly Pulitzer and Tommy Bahama noted a challenging retail market — especially the current holiday shopping season. Shares dropped to $62.24 at the opening bell. By midmorning, shares were down about 3 percent to $66.88. The 52-week low is $50.13, and the high is $91.24.

Eric Beder, analyst at Wunderlich Securities Inc. reiterated a “buy” rating on the stock, and pegged it with a $100 price target. But the analyst lowered his fiscal 2016 earnings estimate “after the company took a more conservative tack towards holiday guidance.”

“The relatively unimportant third quarter was driven by another period of sterling results for Lilly Pulitzer, while Tommy Bahama continues to struggle to find a consistent path, with comps down for the first time at the division in eight quarters,” Beder said. “While comps so far have been positive for the company in the fourth quarter and the spring order book is solid, management has chosen to remain conservative in its guidance; we believe any weakness from the [fourth-quarter] guide is an opportunity to purchase a key apparel growth story at a compelling valuation.”

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