Fly News Breaks for November 27, 2019
CPRI, TPR, PVH
Nov 27, 2019 | 06:27 EDT
Citi analyst Paul Lejuez says PVH Corp.'s (PVH) Q3 results were "decent" and that its guidance for Q4 seems achievable. The bigger news coming from the earnings call was that management is looking for acquisition opportunities, Lejuez tells investors in a research note. He believes PVH wants to diversify into accessories, which could point to Tapestry (TPR) and Capri Holdings (CPRI) as potential candidates. While paying the right price for an acquisition could be a positive for PVH, the idea that the company would use free cash flow for this purpose "also adds some risk to the story," contends Lejuez. He keeps a Neutral rating on PVH Corp.
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