Goldman Sachs downgraded Ralph Lauren (NYSE: RL) from Buy to Neutral with a price target of $156.00 (from $196.00).

Analyst Lindsay Drucker Mann said, "We downgrade RL to Neutral from Buy following a 3Q15 (Dec) EPS miss and disappointing outlook for 4Q15 (Mar) and FY16. We believe the -18% move in the stock on the day (February 4) is appropriate in view of slower underlying business trends and currency-driven downward estimate revisions. We revise FY15/FY16 EPS to $7.82/$7.50 from $8.51/$9.78, reflecting mid-single digit organic sales growth, -550 bps of currency translation, the transactional flow-through, and some positive offset from price increases and cost savings."

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Shares of Ralph Lauren closed at $139.71 yesterday.