PVH Corp. price target lowered to $110 from $134 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on PVH Corp. to $110 from $134 and keeps an Equal Weight rating on the shares. Disappointing FY topline guide and outsized SG&A deleverage overshadowed positive strides made in Q4 profitability, sending the stock down 22% on Tuesday, the analyst tells investors in a research note. The firm leaves the print incrementally negative on the prospect for fundamental improvement over the near-term and thinks the stock remains range- bound until there is evidence of PVH+ Plan execution.