RL - Ralph Lauren named 'top idea' at Cowen

Cowen named apparel retailer Ralph Lauren ( NYSE: RL ) a “top idea for 2023” in a note on Monday.

The firm indicated that despite deteriorating macroeconomic conditions, consensus estimates for the New York-based fashion company are overly bearish. In particular, analyst forecasts for margin and revenue are too low, in their view.

Cowen’s analysts hiked their price target to $148 from $132 and maintained a Buy-equivalent rating alongside the top pick selection. The new price target marks a new Street-high .

Shares of Ralph Lauren ( RL ) rose 1.67% in premarket trading on Monday.

Read more on Wells Fargo’s more cautious take on Ralph Lauren .

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