Ralph Lauren downgraded to Underperform from Market Perform at BMO Capital

BMO Capital analyst Simeon Siegel downgraded Ralph Lauren to Underperform from Market Perform with a price target of $100, up from $96. While the company has one of the strongest brand/management teams among its peers that essentially architected the "Sell Less, Charge More" strategy, after a 50% 4-month rally, the stock is nearly back to pandemic-peaks, the analyst tells investors in a research note. The firm is also concerned that Asia’s strength masks domestic pressures for Ralph Lauren, with North America margins "well below" pre-pandemic.