UPDATE: Piper Jaffray Downgrades PVH; Lowers PT

According to a research report published this morning, Piper Jaffray has downgraded PVH Corp. PVH from Overweight to Neutral, and lowered PT from $99 to $93. In the report, Piper Jaffray said, "We continue to believe PVH is a best-in-class operator with a strong portfolio of global brands, but near-term earnings upside could be more limited given ongoing challenges in Europe and moderating trends in Asia. As such, we are reducing our price target from $99 to $93 and our rating from Overweight to Neutral. Specifically, a reduced full year outlook from Warnaco, Calvin Klein's largest licensee, could weigh on PVH's licensing revenue over the next few quarters. We are making no changes to our EPS and maintain a positive bias to estimates given the conservatism in management's guidance, but believe a more neutral stance is warranted at this time." PVH closed yesterday at $90.98.