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PVH Corp. upgraded to Buy from Hold at Jefferies

Jefferies upgraded PVH Corp. (PVH) to Buy from Hold with a price target of $105, up from $70. New management’s initiatives and the lapping one-time headwinds are set to return PVH’s sales growth to low-single-digits, a key catalyst for the shares, the analyst tells investors in a research note. The firm believes cost savings and buybacks should further bolster the company’s earnings to high-single-digits growth this year. Jefferies’ cash flow model suggests limited downside to the stock around $65.

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