Ralph Lauren (RL): Stay On The Sidelines - Piper Jaffray
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Piper Jaffray analyst, Erinn Murphy, reiterated her Neutral rating on shares of Ralph Lauren (NYSE: RL) and believes that trends remain challenging while the investment community has given the company a pass wanting to see further details unfold of CEO Stefan Larsson's plan.
The analyst stated "For Q1, we are at $0.96 to the Street's $0.89 estimate and note mgmt. guided op margin to be down 110-160 bps Y/Y. FY17 op margin is forecasted to be 10%. We believe wholesale will ultimately have to shrink further than mgmt.'s current forecast for down LDD this year and will look for more details on this call. It would not surprise us if mgmt. could also increase the amount of cost savings it seeks to achieve this year. All in, we remain on the sidelines on RL believing it is too early to call this a turnaround yet".
No change to the price target of $88.
Shares of Ralph Lauren closed at $96.05 yesterday.
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Related EntitiesPiper Jaffray, Erinn Murphy
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