As previously reported, Evercore ISI downgraded PVH Corp. to Hold from Buy and reduced its price target to $100 from $125. Analyst Omar Saad expects PVH's high wholesale and factory outlet exposure will pressure overall sales growth and limit both margins and sales expansion in the next couple of years. Saad believes 2017 is shaping up to be another fundamentally challenging year for Softline Retail and recommends reducing exposure to company's with significant profit exposure to traditionally channels. The analyst said the once-important layers of middleman, and mark-ups, are becoming obsolete in today's digital landscape where consumers have instant visibility into selection, brands, and price, brand building is achieved through social rather than traditional media, and the new standard of convenience is same-day delivery.