UPDATE: Deutsche Bank Raises PT on Phillips-Van Heusen to $69 (PVH)

Deutsche Bank is out with its report today on Phillips-Van Heusen (NYSE: PVH), raising its PT from $62 to $69.

In a note to clients, Deutsche Bank writes, "Commentary from PVH's 4Q call was upbeat. To summarize two key themes: (1) Business trends continue strong: During 4Q, every brand, geography, and channel saw strength, which continued in to 1Q. (2) Mgmt. is trying to plan the year conservatively: PVH spent time articulating a well thought-out plan, one which it believes is conservative due to potential (a) sales upside from CK/Tommy and (b) SG&A trimming, as needed. Bumping PT to $69 on 14x P/E. HOLD based on balance of market leadership vs. potential risk from higher sourcing costs."

At the time of posting, shares of PVH were trading pre-market at $64.93, down 0.41% from Tuesday's close.