PVH Corp. (PVH) PT, Estimates Lowered at Piper Jaffray on FX Ahead of Q4 Print

Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating on PVH Corp (NYSE: PVH) but lowered her price target to $130.00 (from $144.00) ahead of earnings next week (03/25).

Murphy commented, "Shares are down 24% YTD with concerns on FX and the underlying organic growth. We would best characterize sentiment around shares as fearful given the parallels that are drawn to RL. To be clear, we do not believe these two stories are the same. That said, new money is staying on sidelines and existing holders are tired. While estimates on the Street continue to come down (and likely will over the next week), PVH shares currently seem undervalued trading <14x our revised FY16 estimate, particularly given our belief that organic EPS growth is closer to the LDD range. While the timeline has been elongated, the PVH story is intact, balancing a CK turnaround with the potential for a global growth roll up."

The firm lowered FY 2016 EPS from $7.70 to $7.04 and FY 2017 EPS from $9.00 to $8.10.

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 $97.30 yesterday.

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