Goldman Sachs Boosts Numbers on PVH Corp (PVH) After Q1 Beat

May 25, 2012 7:58 AM EDT
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Price: $89.31 -4.1%

Rating Summary:
    15 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

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Goldman Sachs lifted estimates and its price target on Buy-rated PVH Corp (NYSE: PVH) from $101 to $102 following the Q1 beat and raised guidance.

The firm raised FY2012/2013/2014 EPS estimates to $6.35/$7.55/$8.55 from prior $6.30/$7.50/$8.50.

Goldman notes Q1 strength was driven by sustained Tommy and CK momentum as Heritage continued to weigh on results. "In the face of a challenging macroeconomic backdrop 2Q QTD trends continue to exhibit impressive resilience, with Tommy European comps tracking up HSDs (vs. 3% plan and 1Q’s 5%) and the fall wholesale order book holding flat, with 4Q at +4-5% – all confirming our belief that better brands continue to do better," the analyst commented.

Also, better execution has eliminated potential downside risk to guidance.

For an analyst ratings summary and ratings history on PVH Corp click here. For more ratings news on PVH Corp click here.

Shares of PVH Corp closed at $82.38 yesterday.

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