Ralph Lauren PT Drops to $79 at Instinet
Instinet analyst Simeon Seigel reiterates Neutral rating on Ralph Lauren (NYSE: RL) but lowers price target to $79.00 (from $93.00), citing disappointing guidance, decline in wholesales drives, shrinking inventory and the departure of Stefan Larsson.
Siegel further comments, “The abrupt departure of Stefan Larsson does call into question the caliber of future candidates that might apply to fill the vacancy, likely shifting the focus toward an operator CEO, leaving creative of Ralph Lauren The Company to Ralph Lauren The Person. To this end, even post sell-off, we remain Neutral, as we believe that the shrink-to-grow strategy carries much uncertainty.”