Credit Suisse Sees Earnings Power Turn The Corner For PVH - PVH (NYSE:PVH)

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In a report published Friday, Credit Suisse analyst Christian Buss reiterated an Outperform rating and $147.00 price target on

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PVH Corp.

(NYSE: PVH).In the report, Credit Suisse noted, “PVH reported solid 3Q results (EPS $2.56 versus our $2.51), with better than expected flow-through on higher gross margin and more moderate SG&A spend. Earnings estimates for the year were lowered due to currency headwinds, and we are increasingly cautious of softening top-line assumptions (guiding 4Q to 6% growth Y/Y excluding currency impact versus prior implied 4Q growth of 7.5% Y/Y). This suggests that the rebound in earnings power we have been waiting for will prove more moderate than previously anticipated. We reiterate our Outperform rating and maintain our target price of $147 even with roll forward of valuation to FY16 estimates.”PVH closed on Thursday at $122.68.