UPDATE: Piper Jaffray Reiterates Neutral Rating on PVH Corporation on Softer Southern European Trends and Unfavorable FX

In a report published by Piper Jaffray, analyst Erinn E. Murphy reiterated a Neutral rating and $123 price target on PVH Corporation

. Piper Jaffray reported that, “We are updating our thoughts on PVH into their earnings report, slated for 3/27. As it relates to Q4, we would expect mgmt to best expectations modestly. That said, on the heels of GES' Q4 report in which guidance came in well-below expectations, tied in part due to a challenging European macro environment (which has softened QTD), we believe it is prudent to take a more conservative approach to our ests. and as such are trimming our EPS ests. for FY14 and beyond. That said, we would expect mgmt to reiterate its $0.35/share accretion estimate for FY14. We believe the risk/reward on PVH shares is balanced over the next 12 months. Our longer-term bias on PVH is positive as we view the company's solid brand portfolio, unparalleled global distribution and longer-term synergies with Warnaco as investable catalysts.” Shares of PVH Corporation closed at $112.74 on Wednesday.