UBS Reiterates Buy on PVH Corp. (PVH) Ahead of 3Q

November 29, 2016 9:54 AM EST
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Price: $92.82 +1.37%

Rating Summary:
    15 Buy, 5 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

For an analyst ratings summary and ratings history on PVH Corp click here. For more ratings news on PVH Corp click here.

Shares of PVH Corp closed at $108.07 yesterday.



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