Needham keeps a Buy rating and $100 price target on PVH after its Q3 results. Shares were down in pre-market but there’s quite a bit of “noise” in the business at the moment amid variability by region, margin volatility, and CFO transition, the analyst tells investors in a research note. Shares trading at just 7-times next-12-months earnings, and Needham continues to believe that risk/reward skews positively, stating that while the company is “not knocking the cover off the ball” at the moment, at this valuation, PVH can move meaningfully higher if-and-when fundamentals stabilize, Needham added.
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