). In the report, Morgan Stanley noted, “PVH likely delivers a small 1Q14 beat and inches up FY14 guidance: We think this scenario moves the stock slightly higher. Market expectations are rising. The stock is up 6% since management spoke publicly on April 28th and +14% off its mid-March low. This limits EPS day upside in our view. At the same time, Retail trends have gradually improved since 4/28, limiting miss, guide-down, and stock price risk. Plus, valuation, at 15x FY15e EPS, is reasonable in our view. Option prices imply a +/-3.5% jump vs. PVH's 4.9% hist. avg.” PVH Corp. closed on Friday at $131.63.