BUZZ-Raymond James cuts Ralph Lauren to 'market perform' on stock rally

Brokerage Raymond James downgrades luxury apparel brand Ralph Lauren RL.N to "market perform" from "outperform", shares down 2% with low volumes before the bell

Brokerage cites company's stock rally to record highs over the past year

RL had risen 60% in 2024 and is up ~11% YTD

Expects earnings headwinds for fiscal years 2025 and 2026 because of recent strengthening of the U.S. dollar

However, brokerage says co has done an excellent job in premiumizing the brand, sees compelling growth potential in average unit retail, direct-to-consumer segment, and Asia, North America regions

RL set to report Q3 results on Feb. 6

Thirteen of 19 brokerages rate the stock "buy" or higher, four "hold" and two "sell"; with a median PT of $253 - data compiled by LSEG