PVH continues slide after analyst downgrade, PT cuts

Weds Co

31/03/2022 17:41

** Shares of Calvin Klein-parent PVH  PVH.N  falls 6.5% to
$77.30 on Thurs after Wall Street analysts reduce their targets
    ** PVH's shares on Weds fell 6.5% after co gave bleak
outlook, citing issues including negative impact of war in
Ukraine, inflationary pressures, COVID resurgence in China
 urn:newsml:reuters.com:*:nL2N2VX2Y3
    ** Morgan Stanley early Thurs cut its rating to
"equal-weight" from "overweight" and slashed PT to $89 from $122
    ** "The new, higher tax rate impairs cash flow generation,
and we see limited catalysts for multiple re-rating over the
next 12 months," Morgan Stanley wrote in note
    ** UBS, BofA, Citigroup and Wedbush also cut their
respective PTs on the stock
    ** Now, 7 of 18 analysts rate stock "buy" or higher, rest
are neutral, per Refinitiv; median PT is $111
    ** With move on the session, stock down 27.5% YTD vs S&P 500
Apparel, Accessories & Luxury Goods  .SPLRCTEXT  index's ~16%
fall and S&P 500 Consumer Discretionary sector's  .SPLRCD  ~8%
decline in 2022

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))