DA Davidson analyst John Morris lowered his price target on PVH to $105 after its cut to FY19 earnings outlook and below-consensus Q2 guidance. The analyst notes that the first half of FY19 has been hamstrung by macro headwinds, including "weak tourist traffic in the U.S., the slow start to Spring, Brexit issues, and softness in China", but believes that some recovery in the second half could be expected given the momentum of Tommy Hilfiger coming out of Q1. Morris keeps his Buy rating on PVH Corp and cites some of its tailwinds that include strong order books for both Tommy Hilfiger and Calvin Klein, easier comparisons next to last year's CK's "denim missteps", and deeper brand penetration.