Ralph Lauren (RL) PT Raised to $150 at Wedbush, Following Earnings

Wedbush analyst Tom Nikic raised the price target on Ralph Lauren (NYSE: RL) to $150.00 (from $137.00) while maintaining a Outperform rating.

Analyst comments: "RL reported strong 3Q22 results, with revenues +4% on a 2-year basis (despite a 700bps headwind from strategic rsets) and EPS was $2.94 (vs. consensus $2.19). They raised FY constant-FX revenue growth by 500bps to 39%-41% (getting them roughly in line with pre-COVID levels despite the strategic reset) and operating margin guidance was raised to 13% (from 12.0-12.5% prior). We remain bullish on RL shares, as we believe their brand heat is accelerating (following years of cleaning up distribution and eliminating image-diluting discounts), they're a relative outperformer in China, and we see a major inventory restocking cycle in the U.S. wholesale channel."

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