Morgan Stanley lowered the firm’s price target on PVH Corp. to $100 from $120 and keeps an Equal Weight rating on the shares. The firm updated its model and price target following Q2 results and guidance. While the firm views Q3 guidance as “a potentially low bar” and sees Q3 EPS upside potential, it adds that it does not view fiscal year EPS guidance as “entirely de-risked” and adopts “a less constructive view” on annual sales, noting that it models fiscal year EPS of $11.60, near the lower end of management’s guidance.
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