UPDATE: Citigroup Reiterates Buy Rating, Lowers PT on Ralph Lauren Corporation Following Department Store Survey

In a report published Tuesday, Citigroup analyst Kate McShane reiterated a Buy rating on Ralph Lauren Corporation RL, but lowered the price target from $180.00 to $178.00. In the report, Citigroup noted, “We conducted our 2nd survey of department store retailers across the US in partnership with Sahler Research. The survey tracked men's & women's sales performance, inventories, promos, & performance vs. competitors for RL brands at wholesale in CYQ1'14 (RL's FYQ4 ending Mar ‘14). Our survey results & convos w/ industry experts indicate that RL outperformed both peers & overall sluggish retail trends this spring based on brand strength & positive reception to RL's spring collection. Retailers surveyed reported that their RL men's sales momentum continued from holiday into CYQ1 (positive growth y/y), while women's sales also increased y/y, though slowing slightly from Q4 trends. Despite the consumer's general purchasing apathy in Q1, RL sales were led by core replenishment programs like polo shirts & sweaters.” Ralph Lauren Corporation closed on Monday at $155.86.