Goldman Sachs Lowers Numbers On Phillips-Van Heusen (PVH), But Says its Not the Next Nike (NKE)

March 24, 2011 8:59 AM EDT
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Price: $94.83 +6.18%

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    15 Buy, 5 Hold, 1 Sell

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    Up: 35 | Down: 31 | New: 11
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Goldman Sachs lowered estimates and its price target on Phillips-Van Heusen (NYSE: PVH) ahead of earnings on March 28th, but is sticking with their Conviction Buy List rating.

The firm lowered 2011 EPS estimates from $5.05 to $4.85 and 2012 from $5.90 to $5.60. The price target goes from $85 to $75.

For the upcoming Q4, Goldman sees EPS of $0.83 which is a penny above guidance and 2 cents above the Street.

Goldman said Phillips-Van Heusen is not the next Nike (NYSE: NKE), which recently warned that rocketing costs are crimping profits.

While inflation risk will likely pressure gross margin in 2H12 the firm's numbers remains above guidance and the consensus as "management sets a reasonable bar for 2011, likely in the $4.50-$4.75 range, placing consensus at the high end of the range."

For more ratings news on Phillips-Van Heusen click here and for the rating history of Phillips-Van Heusen click here.

Shares of Phillips-Van Heusen closed at $57.36 yesterday.

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