PVH Corp. price target lowered to $64 from $86 at Morgan Stanley

Morgan Stanley analyst Alex Straton lowered the firm’s price target on PVH Corp. (PVH) to $64 from $86 and keeps an Equal Weight rating on the shares. The Q1 sales-driven EPS beat was “lower quality when unpacked” and lowered fiscal year guidance was a function of both tariffs and a worse operational outlook on higher promos as well as lingering Calvin Klein operational issues, says the analyst, whose timeline for revisiting the firm’s Equal Weight thesis has “been elongated.” PVH is “a ‘show-me’ story with a risk-reward that skews to the downside,” the analyst added.