Barclays Maintains an 'Overweight' on Phillips-Van Heusen (PVH); 3Q11 Preview

Barclays maintains an 'Overweight' on Phillips-Van Heusen (NYSE: PVH) price target of $90.00.

Barclays analyst says, "We remain comfortable with our 3Q11 estimate of $1.83, $0.02 above consensus as well as our 2011 estimate of $5.15, also above consensus. We expect 3Q11 revenue of $1.63 billion, which represents top-line growth of 7.5% over 3Q10. Our estimates are based on revenue increases of 12.0% and 9.0% in the Tommy Hilfiger and Calvin Klein businesses, respectively. Within its retail business, we believe PVH has achieved comps on or ahead of plan in all segments, with double-digit comps at Tommy and Calvin Klein outlets in North America and low single digit comp gains in Tommy Europe. Additionally, Tommy Europe wholesale Fall and Holiday bookings were up over 15%. We believe trends improved in the last month of the quarter and into November given the onset of more seasonal weather. We continue to view long term growth expectations of 8%-10% for Tommy Hilfiger and Calvin Klein as highly achievable."

"We are maintaining our 2011 and 2012 EPS estimates of $5.15 and $5.90,
respectively."

For an analyst ratings summary and ratings history on Phillips-Van Heusen click here. For more ratings news on Phillips-Van Heusen click here.

Shares of Phillips-Van Heusen closed at $63.59 yesterday.

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