Corrected: BUZZ-Calvin Klein-parent PVH falls after BofA rating downgrade

PVH

02/10/2024 15:11

(Corrects to remove extraneous words from headline)
    ** PVH Corp's shares  PVH.N  down 3% at $97.64 early Weds
after BofA Global Research downgrades apparel maker to 'neutral'
from 'buy'
    ** Brokerage reduces PT by $23 to $107 vs Street median of
$124.50, per LSEG
    ** Previous bullish rating predicated on upside to F25E
margins, BofA says in note, but views this as less likely given
ongoing challenges to grow sales and potential for less flow
through from SG&A savings
    ** New PT based on 7x EV/EBITDA due to less visibility on
near term profitability inflection, BofA says
    ** Now, 11 of 16 analysts rate stock 'strong buy' or 'buy',
rest 'hold'
    ** Last week, China launched probe into the Calvin Klein and
Tommy Hilfiger parent for alleged discrimination against
products from the Xinjiang region
    ** With move on Weds, stock down ~20% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))