UPDATE: Bank of America Raises PO to $98 on Phillips-Van Heusen

Bank of America reiterated its Neutral rating on Phillips-Van Heusen

but raised its price objective from $95 to $98. Bank of America commented, "Following a –(300)bps decline in Heritage wholesale EBIT in F11 given product cost pressure and a promotional Holiday, Heritage should benefit from a significant margin recovery in F2H12 as product costs alleviate (est. down -5-8%). Improved Heritage rev. trends have been supported by strong initial sales at the ~680 IZOD shop-in-shops at JCP and strength in men's sportswear and dress furnishings." Phillips-Van Heusen closed at $92.92 on Tuesday.