UBS Reiterates Buy on PVH Corp. (PVH) Ahead of 3Q
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UBS reiterated a Buy rating and $125.00 price target on PVH Corp (NYSE: PVH) ahead of the company's 3Q earnings report. PVH is scheduled to report 3Q earnings on 11/30. UBS expects the company to report results ahead of consensus estimates.
Analyst Michael Binetti commented, "PVH reports 3Q earnings on 11/30, and we expect upside to Consensus estimates in the quarter. We're forecasting $2.46 vs Consensus $2.40. We believe PVH's solid underlying CK & TH revenue momentum continued in 3Q (we're forecasting total revenues +3.4% YOY ex-FX). From PVH's 2Q update, fwd-looking indicators in Europe should support ongoing solid sales trends. In 2Q, Tommy Europe's Spring '17 order book accelerated to +7% YOY from +6% in Fall—and CK Europe accelerated to +20% from +high teens in Fall. We believe PVH continued to gain US shelf space in 3Q—and Macy's (which rarely comments on single brands) commented positively on Tommy on its 11/10 call. 2H GM compares get significantly easier (150bp easier vs 1H16)—we're modeling GMs +135bp YOY in 3Q (Street: +80bp). Finally, we think PVH added flexibility to its 2H guidance by adding incremental marketing spend to its 2H EPS plan."
Shares of PVH Corp closed at $108.07 yesterday.
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