Brean Capital Raises Price Target on PVH Corp. (PVH) to $122 Ahead of 2Q
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Brean Capital reiterated a Buy rating on PVH Corp (NYSE: PVH), and raised the price target to $122.00 (from $115.00), ahead of the company's 2Q report. PVH is scheduled to report results on Wednesday, August 24th.
Analyst Eric Tracy commented, "We remain buyers of PVH heading into this Wednesday's 2Q print, with our constructive stance based on our belief that PVH's inflecting operating model remains under-appreciated, even as shares have traded up +11% since early August on better-than-feared department store results. Taken together, we believe 1) ongoing rev momentum at CK / TH int'l, 2) opportunity for continued CK profitability improvements, 3) waning FX headwinds, and 4) FCF optionality that should facilitate strategic license acquisitions can drive EPS upside, with share appreciation additionally augmented by slight multiple re-rating as investor positioning builds. We tweak our FY16/FY17 estimates slightly higher, with our raised $122 TP based on shares trading 16x (vs. 14x currently, still a discount to the peer group at 17x) our FY17 EPS estimate."
Shares of PVH Corp closed at $107.22 yesterday.
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