Deutsche Bank Maintains Hold Rating On Phillips-Van Heusen

According to Deutsche Bank, Phillips-Van Heusen (NYSE: PVH) Hold rating is maintained.

Deutsche Bank said that 1Q EPS came in at $1.23 vs. $1.16 consensus, with FY11 plan bumped to include $5.00. “Commentary around 1Q and plan was positive, based on share gains at Tommy and CK, and further 2H price increases. While we believe that PVH may outperform in the near term, we maintain our Hold ahead of greater clarity around 2H apparel industry sales, inventories, and discounting. $69 PT based on ~14x FY11E P/E.”

Phillips-Van Heusen closed yesterday at $66.35.