BMO Capital analyst Simeon Siegel lowered the firm’s price target on PVH Corp. (PVH) to $84 from $93 and keeps a Market Perform rating on the shares. The company reported a Q1 earnings beat, but its gross margins contracted 285bps amid increased promotional activity, unfavorable channel mix, and higher freight costs, the analyst tells investors in a research note. BMO adds that the Calvin Klein line has reached a revenue peak and could benefit from a greater focus on profits vs. sales.
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