Janney Capital Raised Price Target on PVH Corp. (PVH) Following Q1
Janney Capital reiterates a Buy rating on PVH Corp (NYSE: PVH), and raised the price target to $133.00 (from $126.00), following Q1. Analyst Eric Tracy believes that the profitability and strength coming from CK, along with the FCF optionality and discount valuation, creates a compelling risk/reward scenario.
Tracy commented, "We are buyers of PVH following the 1Q beat, with tenets to our constructive thesis predicated on: 1) profitability improvements in CK biz, 2) strength in CK and TH ex-fx int'l biz, 3) FCF optionality (established buyback augments potential strategic acquisitions of TH/CK licenses), and 4) discounted valuation. While fx/tourist spending headwinds remain NT, the underlying co currency biz is showing signs of an inflection point, with the post-fx story starting to take shape. Our FV goes to $133 (from $126)."
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Shares of PVH Corp closed at $112.09 yesterday.