Bank of America announced on Thursday that it was lowering its price target on the New York-based apparel company, PVH Corp. (PVH), following the announcement of its plans to sell its G.H. Bass & Co. division.
Robert Ohmes, an analyst with the firm, commented, “Yesterday, PVH announced that it has signed a definite agreement to sell substantially all of the assets of its G.H. Bass & Co. division to G-III Apparel Group for approximately $50 million in cash. The transaction, which values the Bass division at just 20% of annual sales of roughly $250MM is expected to close in the beginning of F4Q14. G-III is PVH’s second-largest licensee partner (behind Coty), at roughly $1 billion in retail sales for Calvin Klein Men’s and Women’s outerwear, Women’s White Label Sportswear, Women’s Performance, Women’s Dresses, Women’s Suits, Women’s Handbags and Luggage.” As such, Bank of America reiterated its “Neutral” rating on the stock, but went on to lower its price target from $134 to $130.
PVH Corp. shares rallied higher on Thursday, gaining 4.37% on the day. The stock is up over 10% YTD.The Bottom Line
Shares of PVH Corp. (PVH) are yielding 0.12% based on Thursday’s closing price of $122.69.
PVH Corp. (PVH) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here