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Deutsche Bank raises its rating on PVH Corporation
PVH to Buy from Hold and increases its price target from $69 to $100 on upgraded EPS estimates.
Deutsche Bank says, "Upgrading PVH, as despite the risk that 1H12 consensus is too high given that 2012 will be a ‘back-half' story, our recent client meetings suggest that these concerns take a back-seat to PVH's mid-/long-term opportunities. Investor focus on companies with ‘relatively' safe
exposure to Europe, EPS visibility, still-reasonable valuation, and further potential catalysts should drive incremental P/E expansion. New $100 PT based on 14.5x our 2014 EPS (Jan. '14), a warranted premium to the 11x-13x historical average, given PVH's share & OM opportunities."
PVH closed at $89.53 a share on Wednesday.
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