Phillips-Van Heusen (PVH) Upside Accelerates After Strong Results
After starting higher, Phillips-Van Heusen (NYSE: PVH) is accelerating to the upside after a 'beat and raise' quarter after the close.
PVH reported Q2 EPS of $0.72, ex-items, versus the analyst estimate of $0.54. Revenue for the quarter was $1.10 billion, which compares to the estimate of $1.09 billion. The company sees Q3 adj-EPS of $1.37-$1.42 on sales of $1.42-$1.44 billion. The Street is looking for quarterly EPS of $1.42 on sales of $1.43 billion. The company also raised its FY11 EPS guidance from $3.55-$3.65 to $3.70-$3.80, vs. the consensus of $3.62.
Piper Jaffray upgraded the stock today from Neutral to Overweight and raised their price target from $54 to $59, following the results. The firm said strong fundamental results from Calvin Klein and Tommy Hilfiger coupled with attractive valuation will support shares at a higher multiple.
Shares are up 9 percent to $55.06.
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PVH reported Q2 EPS of $0.72, ex-items, versus the analyst estimate of $0.54. Revenue for the quarter was $1.10 billion, which compares to the estimate of $1.09 billion. The company sees Q3 adj-EPS of $1.37-$1.42 on sales of $1.42-$1.44 billion. The Street is looking for quarterly EPS of $1.42 on sales of $1.43 billion. The company also raised its FY11 EPS guidance from $3.55-$3.65 to $3.70-$3.80, vs. the consensus of $3.62.
Piper Jaffray upgraded the stock today from Neutral to Overweight and raised their price target from $54 to $59, following the results. The firm said strong fundamental results from Calvin Klein and Tommy Hilfiger coupled with attractive valuation will support shares at a higher multiple.
Shares are up 9 percent to $55.06.
Get immediate access to market moving news and alerts with StreetInsider.com Premium - FREE TRIAL!
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