Piper Jaffray's One Name to Buy in Retail: PVH (PVH)
Get Alerts PVH Hot Sheet
Rating Summary:
21 Buy, 9 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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Retail multiples have moderated significantly in the last month and Piper Jaffray analyst Erinn E. Murph believes PVH (NYSE: PVH) has more than corrected to the downside; particularly for a name that sees double-digit (13-15%) organic growth. The stock is already very close to Piper's downside scenario of $84.
PVH has brand specific catalysts with CK, the potential to take back global TH & CK licenses, has lower department store exposure than RL & KORS and has an international business we believe is outperforming plan.
PVH is trading at 12x forward below its peer group of 16x (VFC, RL, GIII, GES).
Given the re-rating of the group these past few weeks, they are adjusting their target multiple from 18x to 16x. At 16x $7.20 estimate, they arrive at $115/share (down from $132). Even if $7.00 was achieved next year, at 12x they would arrive be $84.
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 $85.16 yesterday.
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