UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Lowers PT on PVH Corp. on Reset EPS Expectations

In a report published Monday, Morgan Stanley analyst Jay Sole reiterated an Equal-Weight rating on

, but lowered the price target from $120.00 to $115.00. In the report, Morgan Stanley noted, "PVH reset EPS expectations. It also indicated increasing brand and systems investment commitment. We see beat & raise, plus P/E expansion potential. Our price target is 11% above the last close. The stock is now one of our two favorite EWs. If three factors change, we could revisit our rating." PVH Corp. closed on Friday at $103.91.