Janney Starts PVH Corp (PVH) at Buy
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Price: $74.00 +0.80%
Rating Summary:
18 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 7 | New: 31
Rating Summary:
18 Buy, 16 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 4 | Down: 7 | New: 31
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Janney Montgomery Scott initiated coverage on PVH Corp (NYSE: PVH) with a Buy rating and price target of $150.00. Analyst Eric Tracy expects a turn in the second half of 2014.
"Our investment thesis is predicated on the following key factors: (1) enhanced Calvin Klein profitability/synergy opportunity following the Warnaco (WRC) integration/investment cycle, (2) Tommy Hilfiger momentum reaccelerates in Europe augmented by increasing penetration of DTC, (3) profitable mix shifts and exit of underperforming businesses within the company's Heritage segment, (4) post-investment cycle structural margin expansion drivers (DTC, Int'l), and (5) optimization of the capital structure," said Tracy.
"While we recognize an increased promotional environment (particularly within denim) and a ramped investment cycle into early FY14 will temper near-term EPS flow-through on constrained margins, we believe leverage of these investments is likely beginning in 2H14 as the company laps its investment/transition phase, which in combination with a potentially strong Fall order book, should drive an improving earnings algorithm," he added.
For an analyst ratings summary and ratings history on PVH Corp click here. For more ratings news on PVH Corp click here.
Shares of PVH Corp closed at $131.41 yesterday.
"Our investment thesis is predicated on the following key factors: (1) enhanced Calvin Klein profitability/synergy opportunity following the Warnaco (WRC) integration/investment cycle, (2) Tommy Hilfiger momentum reaccelerates in Europe augmented by increasing penetration of DTC, (3) profitable mix shifts and exit of underperforming businesses within the company's Heritage segment, (4) post-investment cycle structural margin expansion drivers (DTC, Int'l), and (5) optimization of the capital structure," said Tracy.
"While we recognize an increased promotional environment (particularly within denim) and a ramped investment cycle into early FY14 will temper near-term EPS flow-through on constrained margins, we believe leverage of these investments is likely beginning in 2H14 as the company laps its investment/transition phase, which in combination with a potentially strong Fall order book, should drive an improving earnings algorithm," he added.
For an analyst ratings summary and ratings history on PVH Corp click here. For more ratings news on PVH Corp click here.
Shares of PVH Corp closed at $131.41 yesterday.
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