PVH Corp (PVH) PT Lowered to $133 at BofA Securities

BofA Securities analyst Christopher Nardone lowered the price target on PVH Corp (NYSE: PVH) to $133.00 (from $144.00) while maintaining a Buy rating.

The analyst comments "We remain Buy-rated on PVH ahead of 2Q results next week; we think valuation at 5.7x F25 EV/EBITDA (or 8x P/E) is compelling given our 14% EPS growth forecast in F25 (see our June CEO/CFO meeting takeaways here). Shares have pulled back 17% since the company reported 1Q results in June (compared to XRT flat). We think an in line/better 2Q, confirmation of FY guidance and reaffirmation that European trends are not getting worse would set up the stock to outperform. We are lowering our PO to $133 (from $144), or 8x F25 EV/EBITDA (from 8.5x) given the rerating in peer multiples."

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