Ralph Lauren (RL): Many Moving Pieces But Raising PT - Cowen
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Cowen analyst, John Kernan, reiterated his Market Perform rating on shares of Ralph Lauren (NYSE: RL) and raised his price target to $108.00 noting that inventory and gross margin are moving in the right direction with AURs increasing as unproductive SKUs are eliminated.
Consensus estimates seem fair into 2018 and the analyst expects volatility given store closures, restructuring charges and the uncertain timing of cost savings. The price target goes to to $108, from $101 on 9x EV/EBITDA, more in line with PVH.
Shares of Ralph Lauren closed at $106.26 yesterday.
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