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Fly News Breaks for May 24, 2018
RL
May 24, 2018 | 08:47 EDT
RBC Capital analyst Brian Tunick raised his price target on Ralph Lauren to $130 after yesterday's Q4 earnings beat and the subsequent 14% rise in the stock price. The analyst says the quarter featured "nice sales upside" and "enviable" gross margin expansion, supporting the bullish case. He is also positive on the company's comps growth of 6% in Americas and 17% in Asia, thanks to initiatives that included the closing of underperforming U.S. stores, product improvements, and marketing investment. Longer Term, Tunick keeps his Sector Perform rating on Ralph Lauren given the lack of visibility around sales recovery, which he believes makes it harder for the stock to break out of its trading range.
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