Cowen Trims Numbers on PVH (PVH) Amid Mixed Q3 Results

Cowen maintained an Outperform rating on PVH Corp (NYSE: PVH), and cut the price target to $115.00 (from $130.00), following the company's 3Q earnings report. Management is expecting a challenged retail environment to continue into FY16. A softer outlook on Hilfiger drives PVH to trim FY15 constant currency sales growth guidance to 3% from 4%. Management is guiding to 4Q adjusted EPS of $1.37-$1.47, including a -$0.33 impact from FX and Russia, below consensus of $1.59.

Analyst John Kernan commented, "Management maintained its FY15 adjusted EPS guidance which implies significant pressure on Q4 EPS. We are lowering our 2016 EPS estimates on Hilfiger weakness and worsening FX trends and reducing our PT to $115 which equates to 10x FY16E EV/EBITDA. We would remain buyers, given management's long-term track record, 5.2% FY16 free cash flow yield and potential for acquisitions of licenses."

For an analyst ratings summary and ratings history on PVH Corp click here. For more ratings news on PVH Corp click here.

Shares of PVH Corp closed at $93.38 yesterday.

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