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

CONSUMER CYCLICALS

€29s unch, 27s -2, equities -3% in early pre-market.

  • In-line results from the Tommy Hilfiger & Calvin Klein parent has us off the side-lines on the 29s. It is -10 in from primary (cheap view then on a 30bp NIC) & we still see it giving the most value in IG retailers, spread +75bps above troubled Kering (NR/A-).

Our take, equity analyst takes & earnings call (2pm London).

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€29s unch, 27s -2, equities -3% in early pre-market.

  • In-line results from the Tommy Hilfiger & Calvin Klein parent has us off the side-lines on the 29s. It is -10 in from primary (cheap view then on a 30bp NIC) & we still see it giving the most value in IG retailers, spread +75bps above troubled Kering (NR/A-).

Our take, equity analyst takes & earnings call (2pm London).