Ralph Lauren price target raised to $192 from $169 at TD Cowen

TD Cowen raised the firm’s price target on Ralph Lauren to $192 from $169 and keeps an Outperform rating on the shares. The firm notes the company delivered a sizable Q3 earnings beat, albeit with some below the EBIT line tailwinds, as topline outperformed, especially on comparable sales rising +9% globally. TD Cowen further points out that Ralph Lauren is seeing an inflection in global same-store sales that was the best non-COVID affected same-store sales since 2012. The corresponding inflection in direct-to-consumer along with continued AUR gains render consensus EPS estimates far too conservative into fiscal 2025 and 2026, the firm argues.