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PVH (Baa3, BBB-; Double Pos) 1Q24 Earnings Call

CONSUMER CYCLICALS

€27/29s are +1, equities closed +3% (SPX +1.2%)

Equity analyst upgrades coming through as expected with PVH+ plan showing tangible benefits already on margin & a 'in-line with guidance' controlled pullback on headline. €29s still struggling to show any life/move in - we would be worried (i.e. high beta to downside?) but as we said carry & roll (into 27s) is plenty enough for us to continue having a cheap view on the line.

  • PVH Corp. price target raised to $120 from $110 at Morgan Stanley
  • PVH Corp. price target raised to $145 from $138 at Wells Fargo
  • PVH Corp. price target raised to $145 from $140 at Evercore ISI
  • B of A Securities Maintains Buy on PVH, Raises Price Target to $144
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€27/29s are +1, equities closed +3% (SPX +1.2%)

Equity analyst upgrades coming through as expected with PVH+ plan showing tangible benefits already on margin & a 'in-line with guidance' controlled pullback on headline. €29s still struggling to show any life/move in - we would be worried (i.e. high beta to downside?) but as we said carry & roll (into 27s) is plenty enough for us to continue having a cheap view on the line.

  • PVH Corp. price target raised to $120 from $110 at Morgan Stanley
  • PVH Corp. price target raised to $145 from $138 at Wells Fargo
  • PVH Corp. price target raised to $145 from $140 at Evercore ISI
  • B of A Securities Maintains Buy on PVH, Raises Price Target to $144