Wells Fargo upgraded Ralph Lauren (RL) to Overweight from Equal Weight with a price target of $240, down from $275. The firm says it simply believes Ralph Lauren carries some of the best brand heat KPIs in its Softlines space today, and has global diversification and pricing power to limit tariff downside risk. With that, combined with valuation that now appears very reasonable, Wells sees this as an opportunity to become more constructive.
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