Ralph Lauren's Strong Performance and Strategic Positioning Reinforce Buy RatingWe remain bullish on RL shares following a rock-solid 2Q26 print, with very few holes to poke. We continue to believe RL remains one of the best position names in our coverage given resilient consumer demand, diversified revenue channels, and strong margins that can continue moving higher. Furthermore, we think the dramatic slowdown embedded in 2H guidance presents room for continued beats-and-raises. For the quarter, revenue growth of 14% (all numbers referred to are constant-FX) was well above guidance of up HSD and EPS of $3.79 was above Street at $3.45. For Q3, the company expects MSD revenue growth, and FY26 guidance was raised to revenue growth of 5%-7% (vs. LSD-MSD previously). This implies that Q4 revenues are down YoY , with over 100bps of EBIT margin erosion, which seems draconian to us.