Credit Suisse analyst Michael Binetti reiterated an Outperform rating and raised his price target on Ralph Lauren shares to $135 from $125 ahead of the company's analyst day on June 7, which he believes will overshadow next week's earnings report. In a research note to investors, Binetti expects the analyst day will lay the groundwork to return to positive year-over-year revenue growth by the fourth quarter of 2019 and guide to FY19 revenues to decline by low single digits. He also noted that Ralph Lauren has undergone "one of the most significant brand resets" in the softlines space by closing almost 25% of global full-price retail stores and reducing U.S. department store POS by 20%-25% and proactively reducing inventories, and sees a low probability that the brand will need another major reset lower.