Piper Jaffray analyst Erinn Murphy reiterated an Overweight rating and boosted her price target on PVH Corp (NYSE: PVH) to $142.00 (from $136.00) following better-than-expected Q3 results.

Murphy commented, "Importantly, the company is seeing signs of improvement in CKJ as new product & fixtures have flowed into stores. Despite stiffer FX headwinds, the CK division improved sequentially in Q3 vs. Q2. Gross margins were a positive surprise--up 70 bps (vs. our 40 bps estimate). Separately, we believe trends broadly in November have picked up as weather as cooled both in the US and Europe. That said, with the Euro at $1.23, mgmt trimmed their FY15 outlook from $7.30-$7.40 to $7.25-$7.30. For context, in just two months, the Euro now presents a (6%) headwind for FY16 vs. a (1%) headwind prior. While we are adjusting Q4 and FY16 estimates for FX, we are raising our PT from $136 to $142, encouraged by the improved visibility around the CK turn."

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Shares of PVH Corp closed at $124.40 yesterday.