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UBS slotted PVH Corp. (NYSE:PVH) as a top pick for 2023 after walking away from meetings with management with increased conviction on the apparel stock.
Analyst Jay Sole and team singled out PVH within the sector because it believes the retailer can is one of the most likely to deliver better-than-expected earnings next year. “The market, in our view, is too focused on macro/FX and is missing PVH’s ability to drive relative earnings outperformance vs. peers using its “PVH+ Plan” self-help initiatives,” updated Sole.
PVH (PVH) is said to have the right plan to transform Tommy Hilfiger and Calvin Klein into premium, direct-to-consumer, global, lifestyle brands and transcend the wholesale channel.
Valuation on PVH was also called very attractive valuation at ~8X FY24 EPS, which is a multiple that is 40% below peers in the softlines sector.
UBS has a a Buy rating on PVH and 12-month price target of $100.
Read the most recent breakdowns on PVH from Seeking Alpha authors.
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