PVH Corp. (PVH, Financial) shares fell 6.28% to $83.98 as of 12:26 PM ET on Monday after Wells Fargo (WFC, Financial) lowered its rating on the stock from Overweight to Equal Weight.
The firm cited a more balanced risk-reward profile, noting challenges in international markets, including an EU slowdown, foreign exchange headwinds, and risks in China. Analyst Ike Bochurow and his team remain optimistic about long-term structural improvements but flagged declining brand momentum and inventory concerns as immediate risks.
Wells Fargo data showed that Tommy Hilfiger sales fell 24% year-over-year, while Calvin Klein dropped 36%, significantly underperforming the broader apparel sector's 6% decline. The firm assigned a $105 price target on PVH, though it warned that current headwinds could limit investor interest.
