PVH Corp. downgraded to Neutral at BofA on less likely margin upside

As previously reported, BofA downgraded PVH Corp. to Neutral from Buy with a price target of $107, down from $130. The firm now sees upside to FY25 margins as less likely given ongoing challenges to grow sales and the potential for less flow through from SG&A savings, the analyst tells investors. The firm also cites a “lack of conviction that forward estimates have bottomed.”