After spending two days with management, Piper Jaffray analyst Erinn Murphy raised her price target for Ralph Lauren to $125 from $104. The analyst, however, keeps an Underweight rating on the shares. While encouraged by the "influx of new thought leaders at the helm" and the "improved discipline" underpinning the company, the analyst struggles to get more constructive on the stock at the current valuation. Murphy hasn't seen consistent evidence that Ralph Lauren is improving with younger customers and believes this will take time. She believes the company is in "show-me mode."