UBS Raises Price Target on PVH Corp. (PVH) Following 3Q Report
- Wall Street flat as banks gain, utilities drag
- Equinix (EQIX) Announces $3.6B Acquisition of Data Center Portfolio from Verzion (VZ)
- Deal Progress Said to Slow as Johnson & Johnson (JNJ) Puts Actelion (ALIOY) Under Microscope - Source
- Trump Wants to Cancel New Air Force One Order with Boeing (BA)
- Roper Industries (ROP) to acquire Deltek in $2.8B Deal
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
UBS reiterated a Buy rating on PVH Corp (NYSE: PVH), and raised the price target to $130.00 (from $125.00), following the company's 3Q earnings report. PVH beat 3Q guidance by $0.20 & raised FY16 guidance by $0.15. Revenues were up +3.7%, compared to the Street at +3%) driven by CK +10% ex-FX.
Analyst Michael Binetti commented, "PVH reported a quality 3Q EPS beat (with the strongest gross profit dollar growth rate since 4Q13) of $2.60 (UBSe: $2.46, Street: $2.40). Revs were up +3.7% (UBSe: +3.2%, Street: +3%) driven by CK +10% ex-FX (UBSe: +6%); Tommy +6% ex-FX (UBSe: +6%); Heritage –8% (UBSe: -5.8%). GM was up +200bp YOY (UBSe: +135bp); SG&A delevered by 285bp YOY (slightly worse than our 235bp estimate). Inventory was very well managed (-5.5% YOY vs revs +3.7%) and PVH is lapping excess promos from 4Q15—which should support a 4Q GM acceleration (we're raising our 4Q GM estimate to +235bp YOY, vs +200bp previously). PVH guided below our/Consensus estimates in 4Q (see below), but we believe the business is trending well above plan in 4Q to date."
Shares of PVH Corp closed at $105.94 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades PennTex Midstream Partners, LP (PTXP) to Hold
- Imperial Capital Raises Price Target on Eldorado Resorts (ERI) Ahead of Acquisition
- Wedbush Raises Price Target on Regions Financial (RF) to $15; Reiterates Outperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesUBS, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!