UPDATE: PVH Corp (PVH) PT Raised to $74 at BofA Securities; Poised for Long Recovery
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(updated to add analyst comments)
BofA Securities analyst Heather Balsky raised the price target on PVH Corp (NYSE: PVH) to $74.00 (from $50.00) while maintaining a Buy rating, citing retail beginning to reopen, as well as a higher peer average off recent lows. There is a slow recovery ahead, but the major pieces are in motion, the analyst added.
The analyst stated "In our view, what matters for the stock is commentary on the pace of its recovery and liquidity/cash burn. In our view, PVH faces a prolonged sales recovery as its wholesale partners, especially in the US (26% of sales), cut orders and accelerate permanent closures. We expect more favorable news for PVH’s retail business; mgmt noted in late May on CNBC that stores in Asia/Europe were ramping weekly and its first tranche of opened US stores were at 60-70% productivity after 10 days. We think a slower recovery is priced into shares (at Xx EV/EBITDA and multiple expansion will come from its retail business ramping (x% of sales) and better than expected profit management from cost cuts, redirected inventory flows and the exit of less profitable distribution."
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