UPDATE: Piper Jaffray Lowers PT on PVH Corp. Following Q4 Report

In a report published Thursday, Piper Jaffray analyst Erinn E. Murphy reiterated a Neutral rating on PVH Corp.

, but lowered the price target from $123.00 to $115.00. In the report, Murphy noted, “We are maintaining our Neutral rating on shares of PVH on the heels of the company's Q4 report in which management issued FY14 guidance for the first time. While Q4 earnings bested printed expectations, FY14 guidance was below expectations--with initial guidance at $7.00 vs. our $7.44 estimate. More importantly, management is now looking for the Warnaco deal to be $0.25 dilutive vs. $0.35 accretive this year as the company invests behind the infrastructure, systems and people. As such, we are lowering our estimates and our price target moves from $123 to $115. Our Neutral thesis is predicated on our belief that the risk/reward is balanced pending a catalyst in the intermediate term as the company integrates the Warnaco business.” PVH Corp. closed on Wednesday at $112.79.