UPDATE: Deutsche Bank Raises PT on PVH Corp. Ahead of Expected In-Line 2Q Results
In a report published Monday, Deutsche Bank analyst Greg Poole reiterated a Buy rating on PVH Corp. (NYSE: PVH), and raised the price target from $125.00 to $145.00.
In the report, Deutsche Bank noted, “Expect an in-line 2Q, modest raise, and continued long-term growth prospects. With PVH stock up ~17% since 1Q results, investors remain optimistic about prospects for the year (but probably more so for CY14+). For 2Q, we're at $1.37 in EPS (in-line with FactSet consensus) and +$0.02 to plan. For F14, we're conservatively raising EPS to $7.05 vs. $7.00 plan and $7.15 consensus. Despite a recent slowdown in U.S. apparel industry trends, the market should continue to like the PVH story given: (1) potential synergies from the Warnaco integration, (2) out-year payoffs to this year's investments, and (3) a high-quality play on global growth (particularly if Europe is bottoming). Bump PT to $145 on ~18x our F15E EPS. Risks: Warnaco integration, inability to raise plan.”
PVH Corp. closed on Friday at $129.97.
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