Piper Jaffray Reiterates Overweight on PVH Corp. (PVH) After European Market Visits
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Piper Jaffray reiterated an Overweight rating and $124.00 price target on PVH Corp (NYSE: PVH) following multi-market visits in Europe. In the UK, Piper Jaffray noticed Tommy Hilfiger in Top Shop and continued to see broadening assortment of CKU at Urban Outfitters. Piper also noted that Tommy Hilfiger's largest competitor in Germany (Hugo Boss) has started to consolidate its distribution.
Analyst Erinn Murphy commented, "We are maintaining our OW rating and $124 PT on PVH following multi-market visits in Europe. While overall consumer trends in Europe are mixed, we believe PVH and its brand portfolio are in a strong position to gain share. From a fashion perspective, it was evident to us that the "90s" are back and both CK and TH are benefiting from this trend. We are pleased to see expanded space for brands like CK at Urban Outfitters in addition to seeing Tommy Hilfiger in concepts like Top Shop. We met with wholesale partner Zalando and walked TH and CK retail stores in Germany and the UK. We also attended the Gigi x Tommy Hilfiger Fall 2016 launch at Bread & Butter in Berlin (complete with a "selfie" of Gigi). Finally, we believe brands like Hugo Boss are starting to consolidate distribution--a further space gain opportunity for PVH."
Shares of PVH Corp closed at $110.19 yesterday.
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