PVH (PVH) Stock Forecast & Price Target

PVH is viewed favorably because its core Calvin Klein and Tommy Hilfiger brands are stabilizing, with APAC inflecting to 6% growth after 5 straight quarters of declines and the Americas expected to improve as wholesale timing shifts normalize. The investment case is also supported by multiple EPS drivers, including GIII license takebacks, margin efficiency, and a planned $300+ million buyback this year that could repurchase about 4 million shares in 2H. Although margins are lumpy this year, with Q2 gross margin boosted by 510bps from tariff refunds and Q4 implied down about 200bps, the stock still screens cheap at 6.5x FY26 EPS while management continues executing the PVH+ Plan.

PVH is facing a weak fundamental setup because nearly 50% of sales come from EMEA, where revenue fell 5%-6% amid war-related demand disruption, higher promotions, lower tourism, and cautious wholesale ordering, with Spring order books down MSD. In the Americas, wholesale weakness remains more severe than headline results suggest, as revenue was down 1% and organic wholesale trends were still down LSD to MSD even with license takebacks, while timing shifts merely defer improvement into Q3 and Q4. Although 1Q26 revenue rose 2% to $2.0B and adjusted EPS was $2.01, operating margin still fell 160bps to 6.5%, EBIT declined, and management’s lowered FY26/FY27 expectations point to flat-to-down sales, modest margin pressure, and SG&A deleverage under continued macro and competitive stress.