PVH (PVH) Stock Forecast & Price Target

PVH is attractive because management is resuming meaningful capital returns, reiterating more than $300 million of buybacks this year, which could translate into roughly 4 million shares repurchased in 2H and support EPS accretion. The bullish case is further strengthened by brand-led operating improvements under the PVH+ Plan, with better channel segmentation, stronger storytelling, a refreshed product pipeline, and improving momentum at Calvin Klein and Tommy Hilfiger that could drive mid-single-digit revenue growth and higher EBIT margins. The shares also look inexpensive at about 6.5x FY26 EPS, while tariff refunds, APAC stabilization after 5 straight quarters of declines, and progress in North America provide additional catalysts for earnings and valuation expansion.

PVH is facing a fundamentally pressured setup because nearly 50% of sales come from EMEA, where revenue was down 5% to 6% amid war-related demand weakness, lower tourism in Turkey, and softer consumer sentiment across Europe. Although 1Q26 revenue rose 2% to $2.0B and gross margin held at 58.6%, that resilience was helped by DTC growth, timing shifts, and tariff refunds rather than broad organic wholesale strength, while wholesale remained weak and inventory discipline only partly offset tariff and marketing pressure. The outlook is further clouded by negative Spring order books, conservative partner ordering, and bear-case assumptions that call for FY27 EPS of $8.50-$9.00 if promotions intensify and sales stay under pressure.