UBS Raises Price Target on PVH Corp. (PVH) Following 3Q Report
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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.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
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