Bank of America Merrill Lynch is out with its report today on Ralph Lauren RL, maintaining Neutral.
In a note to clients, Bank of America Merrill Lynch writes, "We view RL's accelerating emphasis on building out a global luxury business (particularly in China) with a focus on non-sportswear luxury categories should support a premium valutaion that is more in-line with global luxury players rather than apparel
vendors. However, full year F12 gross margin upside should be more limited given rising sourcing costs."
Bank of America Merrill Lynch maintains a $125 PO on RL.
Shares of RL closed Wednesday at $114.70, down 11.35% from Tuesday's close.
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Posted In: Analyst ColorAnalyst RatingsApparel, Accessories & Luxury GoodsBank of America Merrill LynchConsumer DiscretionaryRalph Lauren
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