UPDATE: Bank of America Lowers PT on PVH Corp. Following Announcement of G.H. Bass & Co. Assets Sale

In a report published Thursday, Bank of America analyst Robert F. Ohmes reiterated a Neutral rating on PVH Corp. PVH, but lowered the price target from $134.00 to $130.00. In the report, Bank of America noted, “Yesterday, PVH announced that it has signed a definite agreement to sell substantially all of the assets of its G.H. Bass & Co. division to G-III Apparel Group GIII for approximately $50 million in cash. The transaction, which values the Bass division at just 20% of annual sales of roughly $250MM) is expected to close in the beginning of F4Q14. G-III is PVH's second-largest licensee partner (behind Coty), at roughly $1 billion in retail sales for Calvin Klein Men's and Women's outerwear, Women's White Label Sportswear, Women's Performance, Women's Dresses, Women's Suits, Women's Handbags and Luggage.” PVH Corp. closed on Wednesday at $117.55.