PVH Corp is brushing off an earnings beat
Calvin Klein parent PVH Corp (NYSE:PVH) joined today’s flood of retail earnings, announcing its second-quarter report after the close yesterday. And though the company boasted strong results, with earnings of $3.01 per share beating analyst estimates of $2.28 and revenue of $2.07 billion representing a small beat, disappointing third-quarter and full-year guidance is weighing as international sales decrease.
In response, a handful of analysts lowered their price targets, including Wells Fargo to $130 and Evercore ISI to $125 — both from $145. The 12-month consensus price target of $133.64 still sits at a hefty premium to current levels, while 12 of the 16 in coverage carry bullish with “buy” ratings.
At last glance, PVH stock was down 6.9% at $97.29, joining Abercrombie (ANF) and Foot Locker (FL) in post-earnings bear gaps today. Eyeing its largest daily percentage drop since its April earnings report, the stock is down 20.6% year to date.
Over in the options pits, PVH has seen double the average daily options volume already. The September 100 call is the most popular contract, followed by the 100 put, which both happen to be top open interest (OI) positions.