American apparel companies fall after TD Cowen cuts PT

Academy Sports and Outdoors

03/10/2023 17:01

** Shares of Calvin Klein parent company PVH Corp  PVH.N 
fall 4.55% to $71.80, hitting a six-month low
    ** TD Cowen cuts PVH's price target to $86 from $95, the new
PT represents a ~14% upside to co's last close of $75.22
    ** Brokerage also cuts PT for Academy Sports & Outdoors Inc
 ASO.N , Topgolf Callaway Brands Corp  MODG.N , Under Armour Inc
 UAA.N  and VF Corp  VFC.N 
    ** ASO, VFC and MODG fall ~2% to $44.71, $16.29 and $13.25,
respectively; UAA falls ~3% to $6.50
    ** Brokerage cites U.S. inflation as reason for increasing
input costs, supply chain prices and real-estate headwinds. Also
cites macro-economics headwinds from China 
    ** Up to Monday's close, PVH had risen ~2%, UAA had fallen
~36%, ASO down ~15%, VFC down ~41%, MODG had fallen ~33% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))