PVH Corp (PVH) PT Lowered to $157 at Deutsche Bank Following 3Q Beat and Raise
Deutsche Bank analyst Tiffany Kanaga lowered the price target on PVH Corp (NYSE: PVH) to $157.00 (from $171.00) while maintaining a Buy rating following the company's earnings report. Tonight's beat ($3.21 vs. Street $3.14, guidance $3.10-$3.13) and raise still managed to disappoint as Calvin Klein sales missed plan by 300 bps while the brand's margin contracted 34 bps worse than modeled by consensus.
Deutsche Bank's 2018 EPS forecast moves up 9c to $9.35, at the high-end of guidance of $9.33$9.35 (Street $9.27) and representing 19% YOY growth ex. translational FX and the 53rd week, nicely above the 13%-15% long-term algorithm given 1H strength.