PVH Shares Plunge 20% as FY Guidance Cut, Analysts Downgrade
PVH sits 30% above its 52-week low of $59.6 on elevated volume (4.3× avg).
Summary
PVH Corp. shares plunged 20-22% after the company reported Q1 adjusted EPS of $2.01 and revenue of $2.03 billion, and significantly cut its full-year revenue guidance to roughly flat. While Q1 EPS was better than expected, the reduced full-year outlook triggered a sharp market reaction. This follows the initial disclosure of the revised full-year forecast in an 8-K and news reports on June 3rd. Several analysts, including Evercore and Needham, responded by downgrading the stock or trimming price targets, reflecting increased caution regarding the company's near-term prospects.
At the time of this announcement, PVH was trading at $77.50 on NYSE in the Trade & Services sector, with a market capitalization of approximately $3.6B. The 52-week trading range was $59.60 to $100.75. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Wiseek News.