UPDATE: Citigroup Reiterates Buy Rating, Raises PT on PVH Corp. on Further Upside Potential

In a report published Wednesday, Citigroup analyst Kate McShane reiterated a Buy rating on

, and raised the price target from $142.00 to $154.00. In the report, Citigroup noted, “We reiterate our Buy following PVH's solid Q3 beat and continued momentum into the rest of the year and 2014, despite management's continued caution on guidance and the promotional retail environment. We remain confident in: 1) the Warnaco integration – remains on track and continues to outperform on the top-line, with ongoing repositioning/investments likely to drive strong LT growth (w/ more potential upside coming in 2H); 2) Continued global strength in the Tommy Hilfiger and Calvin Klein brands, which again outperformed in Q3; and 3) Valuation remains attractive at ~16x our updated forward year estimates.” PVH Corp. closed on Tuesday at $132.64.