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UPDATE: Miller Tabak Reiterates Buy Rating, Raises PT on PVH Corp.

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In a report published Friday, Miller Tabak + Co. reiterated its Buy rating on PVH Corp. (NYSE: PVH), and raised its price target from $100.00 to $120.00.

Miller Tabak noted, “We reiterate our Buy rating and are raising our target price to $120 from $100 to reflect the potential near term accretion from the proposed acquisition of Calvin Klein licensee Warnaco Group. Our target price is based on a ~16 times our latest fiscal 2013 EPS estimate of $7.65 which incorporates PVH's first year transaction-related accretion estimate of $0.35 a share. PVH currently estimates the potential three-year accretion level to be $1.00 a share excluding one-time integration costs but including $100 million in cost-saving synergies (largely U.S. headcount) and the potential loss of the Chaps license (RL: 153.69). The accretion does not assume any potential Tommy Hilfiger global sales opportunities.”

PVH Corp. closed on Thursday at $114.75.

Posted-In: Miller Tabak + Co.Analyst Color Price Target Analyst Ratings

 

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