Brean Capital Raises Price Target on PVH Corp. (PVH) to $124 Following 2Q Report
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Brean Capital reiterated a Buy rating on PVH Corp (NYSE: PVH), and raised the price target to $124.00 (from $122.00), following the company's 2Q earnings report. PVH reported EPS of $1.47, ahead of the Street's $1.29 estimate. FY16 EPS guidance was raised to $6.55- $6.65 (up from prior $6.45-$6.55).
Analyst "We remain constructive in shares of PVH following its solid 2Q print, with adj. EPS of $1.47 (including $0.46 in fx drag) coming in well favorable to our $1.28 estimate (and cons for $1.29) on relatively in-line revs (+3.7% vs. our +3.3%/cons +4.0%). FY16 EPS guidance was raised to $6.55- $6.65 (up from prior $6.45-$6.55), on reaffirmed revs (+2% reported), with the better outlook including a stepped-up marketing shift/spend (+$40M y/y in 2H, +$10M vs. prior expectations) that mutes flow through in low volume 4Q (exacerbated by Mexico JV drag). Even so, we continue to see potential for upside 1) given easing fx compares, 2) de-risked guidance around retail biz, 3) a sequentially improving TH NA biz, and 4) GM levers, which should also create a favorable setup into FY17, in our view. Accordingly, we are maintaining our Buy rating, but raise our ests and TP to $124, based on shares trading at 16x our FY17 EPS estimate of $7.60."
Shares of PVH Corp closed at $107.37 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Brean Capital
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