Piper Jaffray Raises Price Target on PVH Corp. (PVH) to $124 Following 2Q and Guidance
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Piper Jaffray reiterated an Overweight rating on PVH Corp (NYSE: PVH), and raised the price target to $124.00 (from $109.00), following the company's 2Q earnings report. Sales came in at $1,933M slightly ahead of $1,930M estimates and EPS at $1.47 vs. $1.29 estimate. Management released 3Q earnings guidance bracketing consensus but sales were guided above the Street.
Analyst Erinn Murphy commented, "We are maintaining our OW rating on PVH, raising our estimates and increasing our PT from $109 to $124 following a much better Q2. Not only did earnings exceed expectations, Q2 comps were better than QTD trends on 5/26 with momentum particularly internationally. Mgmt issued Q3 earnings guidance bracketing consensus but Q3 sales above the Street. In addition, FY17 EPS guidance was raised 10 cents--from $6.45-$6.55 to $6.55-$6.65, even with an incremental $0.05 currency headwind. Q2 EPS of $1.47 (vs. $1.29 estimate) was up 41% Y/Y on a CC growth basis. Gross margins were +50 bps vs. the +20 bps consensus est., and inventory was up +0.7% vs. +9% Y/Y rate in Q1. We believe business momentum is on-going, and with the Fall orderbook strength (+6% for TH and high-teens CK), we see 2H estimates still as conservative--even on our raised estimates."
Shares of PVH Corp closed at $108.82 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Erinn Murphy
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