PVH Corp slips as TD Cowen downgrades to 'hold'

Shares of Tommy Hilfiger parent PVH Corp PVH.N down 2.4% at $72.11 premarket

Brokerage TD Cowen downgrades stock to "hold" from "buy"; cuts PT by $24 to $74, just above the last close of $73.85

Says tariff rates on apparel sourcing are moving materially higher than 10% based on recent US policy, suggests additional pricing actions and guidance adjustments

Says rival Ralph Lauren's RL.N Europe, Asia segment sales growth and store growth potential will render PVH's return to durable growth challenging

Average rating of 15 analysts is "buy"; with a median PT of $83 - data compiled by LSEG

Up to last close, stock down 30% YTD