08:10 AM EDT, 06/05/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We maintain our 12-month price target of $138, based on 12.0x our FY 25 (Jan.) EPS estimate and below the company's 5-year average forward P/E multiple of 13.1x. We maintain our FY 25 and FY 26 EPS estimates of $11.50 and $12.25, respectively. PVH posts normalized Q1 EPS of $2.45 vs. $2.15, $0.26 above consensus estimates on revenues of $1.95B vs. $2.16B and $16M above estimates. By brand in Q1, Tommy Hilfiger revenues declined 10% Y/Y and Calvin Klein sales were flat. By channel, direct-to-consumer revenues increased 1% while wholesale revenues declined 17%. Q1 gross margin increased 350 bps to 61.4% due to a reduction in sales to lower margin wholesale accounts and lower product costs. We believe PVH's full-year guidance is conservative and believe the company's multiple is unfairly lower than many peers with worse margin profiles in apparel retail. With shares trading well under its historical average forward multiple (10.5x), we see plenty of upside.