Wunderlich Securities Reiterates Buy, Lowers PT On PVH On 4Q Preview

In a report published Monday, Wunderlich Securities analyst Eric Beder reiterated a Buy rating on

, but lowered the price target from $150.00 to $125.00. In the report, Wunderlich Securities noted, "We are reducing our FY16E EPS to $7.38 (from $8.40), our price target to $125 (from $150), and rolling out FY17E EPS of $8.34 with PVH Corp. (PVH) reporting fiscal 4Q15 results after the close on Wednesday. Our now below-consensus projections reflect our growing worry over FX issues for the company, with the Euro (and Yen) remaining major issues for PVH. While we continue to believe in the growth prospects for both Calvin Klein and Tommy Hilfiger on a global basis, with over 40% of sales in international markets, in the near term the impact of the stronger U.S. dollar will be material. Our new target price of $125 is 15x our FY17E EPS, reflecting both the tough FX environment and our belief in the longer-term strength of the company's brand portfolio." PVH closed on Friday at $102.44.