Cowen maintained a Market Perform rating on Ralph Lauren (NYSE: RL), and cut the price target to $130.00 (from $135.00), following 1Q16 earnings. RL reported adjusted EPS of $1.09, which beat consensus estimates of and $0.99. RL guided sales +3-5% on a constant currency basis, and EBIT margin -275 to -325bps implies an EPS range of $1.66 to $1.77.

Analyst John Kernan commented, "As we noted in our earnings preview RL Q2 guidance range came in below consensus expectations and guidance implies improvement in margins in the 2H. We remain positive on the RL brand as it resonates across gender and age but are cautious on the expectations that the sell side is modeling into FY17. We reiterate Market Perform and lower our price target to $130 which equates to 18x our FY17 EPS."

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Shares of Ralph Lauren closed at $121.50 yesterday.