Ralph Lauren (RL): Raising PT But Acknowledge Lack of Visibility Beyond '17
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Cowen analyst, John Kernan, reiterated his Market Perform rating on Ralph Lauren (NYSE: RL) after the company reported non-GAAP EPS of $1.06 vs. consensus of $0.89. The analyst notes that the results excluded $159MM of restructuring charges. Guidance for 2H implies mid-teen revenue declines as the turnaround story remains in the early innings.
The analyst raised his price target to $101 from $98 on slightly higher EPS estimates, representing 18x FY18E EPS and 1.3x EV/Sales but acknowledges uncertainty beyond FY17.
Shares of Ralph Lauren closed at $103.14 yesterday.
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