PVH Corp named Top Idea for 2023 at UBS

UBS analyst Jay Sole keeps his Buy rating and $100 price target on PVH Corp while naming the stock his Top Idea for 2023. After meetings with the company’s management this week, the analyst has "increased conviction" in his Buy rating as PVH is "one of the most likely to deliver better-than-expected earnings next year". The market is too focused on macro while missing the company’s ability to drive relative earnings outperformance vs. peers using its "PVH+ Plan" self-help initiatives, the analyst tells investors in a research note. Sole adds that PVH trades at a "very attractive" valuation of about 8-times earnings, which is about 40% below his Softlines coverage universe average earnings multiple.