PVH (PVH) Stock Forecast & Price Target

PVH is attractive because its valuation appears overly punitive at about 6x to 6.5x forward earnings despite owning Calvin Klein and Tommy Hilfiger, two globally recognized brands that now drive nearly all revenue. The latest quarter showed resilient fundamentals, with revenue down 3% in line with guidance but adjusted EPS of $3.70 beating the $3.00-$3.10 range, while 1Q26 revenue rose 2% to $2.0B and adjusted EPS reached $2.01, supported by 6% DTC growth and flat gross margin at 58.6%. The outlook is further strengthened by expected margin recovery, $300+ million of buybacks, improving inventory productivity, and catalysts from wholesale timing shifts, license takebacks, and potential easing of tariff and China-related pressures.

PVH is facing a bearish setup because nearly 50% of sales come from EMEA, where conflict-related weakness has pushed the region down 5% to 6%, pressured wholesale demand, and driven a more promotional market. Management’s own outlook implies further deterioration, with FY26 EMEA now expected to be down MSD, Q2 revenues guided down 4% to 5%, and Spring order books already down MSD for 2027, signaling muted demand ahead. With increased competition and macro pressure threatening top-line declines, gross margins and SG&A leverage may worsen, leaving FY27 EPS at $8.50-$9.00 under the bear case.