UPDATE: Piper Jaffray Remains Neutral on Ralph Lauren (RL) After Meeting with Management

(Updated - June 18, 2015 7:07 AM EDT)

Piper Jaffray maintains Hold rating and $128.00 price target on Ralph Lauren (NYSE: RL) after meeting with management. Analyst Erinn Murphy says that they will remain Neutral on RL until there is better clarity on the benefits of the reorganization and reinvestment program.

Murphy commented, "We are reiterating our Neutral stance on RL shares following our meeting with the new CFO, Bob Madore. While management is working toward being more open and transparent with the Street, it will take time to quantify longer-term sales and margin implications. Management spent the majority of the meeting walking through the strategic organizational changes underway. There are three points we found important to call out: 1) FY16 investment being characterized as "peak" does not imply FY17 spending will be down, rather, investment dollars could be flat; 2) the Spring 2017 collection is probably when the majority of the brands will have embraced the new global line planning process; and 3) SKU rationalization of 40-50% is on deck over time. With several moving parts surrounding RL's restructuring and still-clouded longer-term visibility, we remain on the sidelines."

For an analyst ratings summary and ratings history on Ralph Lauren click here. For more ratings news on Ralph Lauren click here.

Shares of Ralph Lauren closed at $134.71 yesterday.

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