UPDATE: Goldman Sachs Resumes Coverage on Phillips Van Heusen Corp. with Buy Rating, $165 PT on Multiple Positive Factors

In a report published Monday, Goldman Sachs analyst Lindsay Drucker Mann resumed coverage on

with a Buy rating and $165.00 price target. In the report, Goldman Sachs noted, “In an apparel space loaded with fashion and execution risk, there are only a handful of companies that possess the ability to mitigate volatility via multi-branded, multi-geographic portfolios of scale. Few of those uniquely positioned companies have proven to be savvy operators; even fewer yet have a successful track record of integrating acquisitions and the continued balance sheet optionality to capitalize on those types of opportunities. Building a portfolio of global reaching, scale brands in Tommy Hilfiger and Calvin Klein, PVH has proven itself superior to mature apparel peers in delivering shareholder value via organic and acquisitive growth. The reuniting of the Calvin Klein brand through the recent purchase of Warnaco, a playbook for successful acquisition integration, and meaningful opportunity for its global brands to capture downstream margin attracts us to PVH.” Phillips Van Heusen Corp. closed on Friday at $129.82.