PVH Corp. price target raised to $77 from $51 at Morgan Stanley

Morgan Stanley raised the firm’s price target on PVH Corp. to $77 from $51 and keeps an Equal Weight rating on the shares. The company’s "much better-than-expected" Q4 results and guidance sent shares up 20%, but the firm thinks underlying fundamentals remain under pressure and that the company’s "still-optimistic" long-term targets and high inventory remain overhangs. The 20% rise in the stock roughly doubles the Street’s likely EPS revision and reverses nearly all of the stock pressure PVH has seen since early February on the back of disappointing peer reports, added the analyst, who thinks a further re-rating after yesterday’s move will be unlikely in the near-term.