UPDATE: Piper Jaffray Decreases PT on Ralph Lauren Corp. to $158

According to a research report this morning, Piper Jaffray decreases its PT on Ralph Lauren Corp.

from $175 to $158 to account for a slower earnings growth. Piper Jaffray explained, “For FQ1, management guided revenue growth to a low-single digit rate based on high-single digit retail growth and flat to down slightly wholesale revenue. Included in guidance is a 200-300bp headwind from unfavorable FX and operating margin is expected to decline 250-300bps. For the full year, management expects revenue to increase at a mid-single digit rate based on low-double digit retail growth and a lowsingle digit decline in wholesale revenue.” Ralph Lauren Corp closed yesterday at $150.27 as Piper Jaffray maintains its Neutral rating.