Piper Jaffray Downgrades PVH Corp to “Neutral” (PVH)
Piper Jaffray sees PVH Corp (PVH) going through a transition in 2013. As such, the analysts downgraded the clothing manufacturer, but raised its price target.
The analysts downgraded PVH from “Overweight” to “Neutral” with a price tartget of $127, up from the previous target of $124. This new target suggests a 5% upside to Monday’s closing price of $120.92.
A Piper Jaffray analyst commented, “As we further analyze what the Warnaco acquisition could mean from an integration perspective to the model and given our view that 2013 will be a transition year, we now see the near-term risk/reward on PVH shares as balanced, and are moving our rating from Overweight to Neutral. … [I]n our view investor expectations have crept up meaningfully in recent months and we believe shares could pause in the intermediate term (6-12 months) as the company works to digest this acquisition.”
PVH Corp shares were down $2.98, or -2.53%, during Tuesday morning trading. The stock is up +35.35% over the past twelve months.
The Bottom Line
Shares of PVH Corp (PVH) have a dividend yield of 0.13% based on Tuesday’s intraday trading price of $117.94 and the company’s annualized dividend payout of 15 cents per share.
PVH Corp (PVH) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Get FREE Dividend Tips, Updates & MoreWe respect your privacy
- Powerful dividend insights sent every weekday morning
- Gain instant access to actionable investing tips
- Strategically grow your portfolio’s profitability