UPDATE: Wunderlich Securities Initiates Coverage on PVH Corp. with Buy Rating, $150 PT as Tommy & Calvin Rule the World

In a report published Friday, Wunderlich Securities analyst Eric Beder initiated coverage on

with a Buy rating and $150.00. In the report, Wunderlich Securities noted, “We are initiating coverage of PVH Corp. (PVH), the owner of the Calvin Klein and Tommy Hilfiger brands, with a Buy rating and a $150 price target, or 17.3x our FY16 EPS projection of $8.70. We believe, after a longer than initially expected period of integrating the operations of Warnaco, which the company acquired in January 2012, PVH is poised to return to double-digit top and bottom line expansion, as the company adds further market share in domestic department stores and continues to aggressively expand internationally. With two world growth leaders in the apparel space and material expansion opportunities on a number of levels, we believe PVH is a compelling growth story and we would be buyers of the shares.” PVH Corp. closed on Thursday at $125.85.