UPDATE: Piper Jaffray Upgrades Phillips-Van Heusen to Overweight on Outlook

Piper Jaffray raised its rating on Phillips-Van Heusen PVH from Neutral to Overweight and increased its price target from $93 to $109 a share. Piper Jaffray noted, "We are raising our earnings estimates, taking up our price target from $93 to $109 and upgrading shares from Neutral to Overweight as we believe PVH is best positioned in our coverage to see outsized global share gains over the next 12-18 months. Having spent a week each in Asia and Europe, our checks point to strong reads on the Tommy brand. In particular, Europe comps are ahead of plan and we believe the heritage business has improved since the end of August. … We view the upcoming analyst day (Oct 2) as a near-term catalyst for the shares." PVH closed at $92.63 on Friday.