PVH Corp. assumed with an Equal Weight at Morgan Stanley

Morgan Stanley analyst Alex Straton assumed coverage of PVH Corp. with an Equal Weight rating with an unchanged price target of $51. The shares rose 9% after PVH delivered better-than-feared Q3 EPS, driven by SG&A cost cuts and a "less- severe-than-guided" revenue decline, noted Straton, who contends that "fundamentals remain challenged" given gross margin headwinds and the risk of softening consumer demand.