UPDATE: Credit Suisse Upgrades PVH to Outperform
Credit Suisse raises its rating on PVH (NYSE: PVH) to Outperform from Neutral on signs that consumer demand in the US is improving. PRice target is raised to $105.
Credit Suisse says, "Our macroeconomic analysis suggests that global discretionary spending growth prospects are improving meaningfully from late 2011 conditions. Asian growth prospects remain the healthiest within our group for consumer discretionary purchases, while U.S. spending growth, led by an improving income environment, looks to be accelerating, particularly for Footwear, Accessory, and Beauty (FAB) product. European growth prospects, however, remain muted, with visibility into improving trends uncertain."
PVH closed at $89.33 a share on Friday.
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