Piper Jaffray Raises PT on Phillips-Van Heusen (PVH) to $51

Piper Jaffray raises its price target on Phillips-Van Heusen (NYSE: PVH) from $44 to $51 and maintains a Buy.

The firm believes that Phillips-Van Heusen management is being "inherently conservative in its guidance" and notes that the company has beaten Wall Street estimates for the last eight quarters. Piper sees better than expected results within Calvin Klein creating upside in Phillips-Van Heusen stock.

Additionally, the firm expects new initiatives such as Timberland, IZOD Women's and Mulberry, to "offset potential outlet weakness in 2nd half." As a result, Piper slightly raised its earnings estimates on Phillips-Van Heusen: the firm sees Q1 of $0.89, up from $0.88 and FY09 EPS of $3.39, up from $3.38. The Street estimates are currently $0.87 for Q1 and $3.35 for FY08. Phillips-Van Heusen also introduced FY10 EPS guidance of $3.87, versus the consensus of $3.80.

With shares of PVH slightly up to $46.94 in pre-market trading, Piper's price target represents an 8.6% return from current levels.

Phillips-Van Heusen Corporation engages in the design and marketing of branded dress shirts, sportswear, and footwear and other related products worldwide.

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