Piper Jaffray maintains a Neutral rating on Ralph Lauren (NYSE: RL), with a price target set at $33.00. RL is scheduled to release their Q4 results before the opening of market on 5/13/2015. Piper Jaffray is concerned that Q4 and FY16 EPS could be lower than expected, due to a combination of ongoing investments and FX headwinds. It is also believed that pressure on corebusiness trends has increased since the company's last guide. this could negatively impact the FY16 consensus.

Piper Jaffray analyst, Erinn Murphy, commented on RL, saying, "Having been on the ground in Europe two weeks ago, we believe RL is feeling the impact from Russian tourist slowdown. We heard about this across checks in both Stockholm and London. Tourist-based markets in the U.S. (NY, Las Vegas and San Francisco) are likely feeling pressure as well from lower tourist spend and we note PVH specifically called out the impact from Russia ($0.10 to EPS on a $100M business) when they reported on March 26. We believe RL could be just as susceptible to this pressure."

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Shares of Ralph Lauren closed at $134.39 yesterday.