Piper Jaffray Raises Price Target on PVH Corp. (PVH) Following Strong 4Q
Piper Jaffray reiterated an Overweight rating on PVH Corp (NYSE: PVH), and raised the price target to $97.00 (from $95.00), following the company's 4Q earnings report. Sales came in at $2,113M, ahead of $2,065M estimates and EPS at $1.52 vs. $1.43 estimates. Ex-FX, Q4 EPS would have been $0.36 higher.
Analyst Erinn Murphy commented, "We are maintaining our OW rating on PVH and raising our PT from $95 to $97 following a better than expected Q4 print, in which EPS came in at $1.52 vs. our $1.43 estimate and sales bested expectations. Importantly, the company provided initial FY17 guidance calling for 12%-15% constant currency EPS growth combined with a $1.60 negative FX headwind for reported EPS of $6.30-$6.50 vs. our former $6.30 estimate. During Q4, all comp trends accelerated from the mid-quarter mark in early December with the exception of TH North America. Calvin Klein was the true standout with the brand growing 21% on a CC basis. The company provided Q1 guidance of $1.40-$1.45, nicely ahead of our former $1.30 estimate with revenues outperforming and earnings growing 27-30% on a CC basis."
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Shares of PVH Corp closed at $87.63 yesterday.