<p>PVH Corp. 的股票在该服装公司下调全年收入预期后遭遇重压，分析师警告称，最新的更新可能导致进一步的预期下调，尽管季度收益好于预期。</p>
<p>拥有 Tommy Hilfiger 和 Calvin Klein 品牌的公司，其股票下跌超过 22%，使得该股票有望创下两年多以来最大单日跌幅。</p>
<p>此次抛售紧随公司决定下调 2026 财年收入预期，理由是中东冲突对欧洲、中东和非洲（EMEA）地区消费者需求的持续影响。</p>
<p>PVH 现在预计财年的收入大致持平，而之前的预期是略有增长。</p>
<p>FactSet 调查的分析师曾预测增长约为 0.8%。</p>
<p>首席执行官 Stefan Larsson 表示，公司正在 &#34;平衡两种对立的力量：一方面是我们在 Calvin 和 TOMMY 品牌上推动的品牌和业务势头，另一方面是中东冲突的长期影响。&#34;</p>
<p><strong>指引下调掩盖了盈利超预期</strong></p>
<p>疲软的前景在很大程度上掩盖了原本强于预期的第一季度业绩。</p>
<p>PVH 报告调整后的每股收益为 2.01 美元，超出分析师预期的 1.82 美元。收入增长 2%，达到 20 亿美元，超过了大约 20 亿美元的预期。</p>
<p>然而，对于第二季度，公司预测收入将下降 4% 至 5%，而华尔街的预期为下降 1%。</p>
<p>PVH 维持全年调整后每股收益指引为 11.80 至 12.10 美元。该预期包括约 1.50 美元每股的关税退款估计收益。</p>
<p>根据公司说法，长期的中东冲突抵消了约 1 亿美元的关税退款收益，给 EMEA 地区的消费者带来了压力。</p>
<p>该地区对 PVH 尤为重要，占第一季度销售额的约 47%，这一贡献远大于其几家服装行业同行。</p>
<p><strong>分析师变得更加谨慎</strong></p>
<p>在财报发布后，Evercore ISI 将 PVH 的评级从跑赢大盘下调至持平，并将其目标价从 95 美元下调至 79 美元。</p>
<p>根据 TheFly，分析师 Michael Binetti 将公司的第一季度报告描述为 &#34;低质量更新&#34;，并表示这使 PVH 面临在下半年进一步负面预期修正的风险。</p>
<p>Evercore 还指出，PVH 是其覆盖范围内唯一在 2026 财年指引中包含关税退款一次性收益的公司。</p>
<p>该公司认为，如果没有这一收益，PVH 将难以维持当前的利润率和收益预期。</p>
<p>Needham 还下调了该股票的目标价，从 107 美元降至 102 美元，同时维持买入评级。</p>
<p>该券商表示，第一季度的收益超出了公司的自身指引，主要是由于利息和税收收益，并将其 2027 财年每股收益预期从 13.40 美元下调至 12.80 美元。</p>
<p><strong>长期乐观情绪依然存在</strong></p>
<p>尽管短期前景更加谨慎，但并非所有分析师对该股票持负面看法。</p>
<p>瑞银重申其买入评级，并维持 130 美元的目标价，表示对 PVH 的品牌组合、战略方向和财务状况充满信心。</p>
<p>不同的分析师观点反映了围绕公司的辩论。</p>
<p>尽管最新的指引下调引发了对地缘政治不确定性对消费者支出影响的担忧，但一些投资者仍然看到 Tommy Hilfiger 和 Calvin Klein 品牌的长期实力中存在价值。</p>
<p>然而，目前市场似乎更关注销售增长放缓以及未来几个月盈利预期可能面临的额外压力。</p>

休森

<p>PVH Corp. 的股价暴跌超过 22%，原因是该公司将全年收入预期下调至持平增长，称中东冲突影响了欧洲、中东和非洲地区的需求。尽管第一季度的盈利超出预期，分析师仍然下调了该股票评级并降低了目标价，原因是对第二季度的谨慎预测以及对地缘政治风险影响品牌势头的担忧</p>

<p>Shares of PVH Corp. came under heavy pressure after the apparel company lowered its full-year revenue outlook, with analysts warning that the latest update could lead to additional estimate cuts despite better-than-expected quarterly earnings.</p>
<div class="lb-trans"><p>PVH Corp. 的股票在该服装公司下调全年收入预期后遭遇重压，分析师警告称，最新的更新可能导致进一步的预期下调，尽管季度收益好于预期。</p>
</div><p>The owner of the Tommy Hilfiger and Calvin Klein brands saw its stock fall more than 22%, putting the shares on track for their steepest one-day decline in more than two years.</p>
<div class="lb-trans"><p>拥有 Tommy Hilfiger 和 Calvin Klein 品牌的公司，其股票下跌超过 22%，使得该股票有望创下两年多以来最大单日跌幅。</p>
</div><p>The selloff followed the company's decision to reduce its fiscal 2026 revenue outlook, citing the ongoing effects of the conflict in the Middle East on consumer demand across Europe, the Middle East and Africa (EMEA).</p>
<div class="lb-trans"><p>此次抛售紧随公司决定下调 2026 财年收入预期，理由是中东冲突对欧洲、中东和非洲（EMEA）地区消费者需求的持续影响。</p>
</div><p>PVH now expects revenue for the fiscal year to be roughly flat, compared with its previous expectation for slight growth.</p>
<div class="lb-trans"><p>PVH 现在预计财年的收入大致持平，而之前的预期是略有增长。</p>
</div><p>Analysts surveyed by FactSet had been forecasting growth of approximately 0.8%.</p>
<div class="lb-trans"><p>FactSet 调查的分析师曾预测增长约为 0.8%。</p>
</div><p>Chief Executive Officer Stefan Larsson said the company was &#34;balancing two opposing forces: on one side, the increasing brand and business momentum we are driving in both Calvin and TOMMY, and on the other, the prolonged effects of the Middle East conflict.&#34;</p>
<div class="lb-trans"><p>首席执行官 Stefan Larsson 表示，公司正在 &#34;平衡两种对立的力量：一方面是我们在 Calvin 和 TOMMY 品牌上推动的品牌和业务势头，另一方面是中东冲突的长期影响。&#34;</p>
</div><p><strong>Guidance cut overshadows earnings beat</strong></p>
<div class="lb-trans"><p><strong>指引下调掩盖了盈利超预期</strong></p>
</div><p>The weaker outlook largely eclipsed what was otherwise a stronger-than-expected first quarter.</p>
<div class="lb-trans"><p>疲软的前景在很大程度上掩盖了原本强于预期的第一季度业绩。</p>
</div><p>PVH reported adjusted earnings per share of $2.01, ahead of analyst expectations of $1.82. Revenue rose 2% to $2 billion, topping estimates of roughly $2 billion.</p>
<div class="lb-trans"><p>PVH 报告调整后的每股收益为 2.01 美元，超出分析师预期的 1.82 美元。收入增长 2%，达到 20 亿美元，超过了大约 20 亿美元的预期。</p>
</div><p>For the second quarter, however, the company forecast revenue would decline between 4% and 5%, compared with Wall Street expectations for a 1% decline.</p>
<div class="lb-trans"><p>然而，对于第二季度，公司预测收入将下降 4% 至 5%，而华尔街的预期为下降 1%。</p>
</div><p>PVH maintained its full-year adjusted earnings guidance of $11.80 to $12.10 per share. The outlook includes an estimated benefit of approximately $1.50 per share from tariff refunds.</p>
<div class="lb-trans"><p>PVH 维持全年调整后每股收益指引为 11.80 至 12.10 美元。该预期包括约 1.50 美元每股的关税退款估计收益。</p>
</div><p>According to the company, the prolonged Middle East conflict has offset roughly $100 million in gains from those tariff refunds by weighing on consumers in the EMEA region.</p>
<div class="lb-trans"><p>根据公司说法，长期的中东冲突抵消了约 1 亿美元的关税退款收益，给 EMEA 地区的消费者带来了压力。</p>
</div><p>The region is particularly important for PVH, accounting for about 47% of first-quarter sales, a significantly larger contribution than for several of its apparel industry peers.</p>
<div class="lb-trans"><p>该地区对 PVH 尤为重要，占第一季度销售额的约 47%，这一贡献远大于其几家服装行业同行。</p>
</div><p><strong>Analysts turn more cautious</strong></p>
<div class="lb-trans"><p><strong>分析师变得更加谨慎</strong></p>
</div><p>Following the earnings release, Evercore ISI downgraded PVH to In Line from Outperform and lowered its price target to $79 from $95.</p>
<div class="lb-trans"><p>在财报发布后，Evercore ISI 将 PVH 的评级从跑赢大盘下调至持平，并将其目标价从 95 美元下调至 79 美元。</p>
</div><p>According to TheFly, analyst Michael Binetti described the company's first-quarter report as a &#34;low quality update&#34; and said it exposed PVH to the risk of further negative estimate revisions during the second half of the year.</p>
<div class="lb-trans"><p>根据 TheFly，分析师 Michael Binetti 将公司的第一季度报告描述为 &#34;低质量更新&#34;，并表示这使 PVH 面临在下半年进一步负面预期修正的风险。</p>
</div><p>Evercore also noted that PVH is the only company in its coverage universe to include a one-time benefit from tariff refunds in its fiscal 2026 guidance.</p>
<div class="lb-trans"><p>Evercore 还指出，PVH 是其覆盖范围内唯一在 2026 财年指引中包含关税退款一次性收益的公司。</p>
</div><p>The firm argued that without that benefit, the company would struggle to maintain its current margin and earnings outlook.</p>
<div class="lb-trans"><p>该公司认为，如果没有这一收益，PVH 将难以维持当前的利润率和收益预期。</p>
</div><p>Needham also reduced its price target on the stock, lowering it to $102 from $107 while maintaining a Buy rating.</p>
<div class="lb-trans"><p>Needham 还下调了该股票的目标价，从 107 美元降至 102 美元，同时维持买入评级。</p>
</div><p>The brokerage said first-quarter earnings exceeded the company's own guidance primarily because of interest and tax benefits and lowered its fiscal 2027 earnings estimate to $12.80 per share from $13.40.</p>
<div class="lb-trans"><p>该券商表示，第一季度的收益超出了公司的自身指引，主要是由于利息和税收收益，并将其 2027 财年每股收益预期从 13.40 美元下调至 12.80 美元。</p>
</div><p><strong>Long-term optimism remains</strong></p>
<div class="lb-trans"><p><strong>长期乐观情绪依然存在</strong></p>
</div><p>Despite the more cautious near-term outlook, not all analysts have turned negative on the stock.</p>
<div class="lb-trans"><p>尽管短期前景更加谨慎，但并非所有分析师对该股票持负面看法。</p>
</div><p>UBS reiterated its Buy rating and maintained a $130 price target, citing confidence in PVH's brand portfolio, strategic direction and financial position.</p>
<div class="lb-trans"><p>瑞银重申其买入评级，并维持 130 美元的目标价，表示对 PVH 的品牌组合、战略方向和财务状况充满信心。</p>
</div><p>The differing analyst views reflect the debate surrounding the company.</p>
<div class="lb-trans"><p>不同的分析师观点反映了围绕公司的辩论。</p>
</div><p>While the latest guidance cut has raised concerns about the impact of geopolitical uncertainty on consumer spending, some investors continue to see value in the long-term strength of the Tommy Hilfiger and Calvin Klein franchises.</p>
<div class="lb-trans"><p>尽管最新的指引下调引发了对地缘政治不确定性对消费者支出影响的担忧，但一些投资者仍然看到 Tommy Hilfiger 和 Calvin Klein 品牌的长期实力中存在价值。</p>
</div><p>For now, however, the market appears focused on slowing sales growth and the possibility that earnings expectations could face additional pressure in the months ahead.</p>
<div class="lb-trans"><p>然而，目前市场似乎更关注销售增长放缓以及未来几个月盈利预期可能面临的额外压力。</p>
</div>

PVH stock drops 22% after guidance cut triggers analyst downgrades

PVH 股票在业绩指引下调后下跌 22%，导致分析师纷纷下调评级