PVH - Why PVH Stock Was Tumbling This Week
2024-04-04 20:58:00 ET
Since stocks overwhelmingly trade more on potential than trailing performance, shares of PVH (NYSE: PVH) were tumbling over the past few days. The company notched beats with its fourth-quarter figures but whiffed on bottom-line guidance.
This was followed by a wave of analyst price-target cuts. As a result, the stock's price was down by nearly 24% week to date, as of Thursday night, according to data compiled by S&P Global Market Intelligence .
Tuesday morning, PVH released its fourth-quarter results and possibly wished it hadn't. Revenue was down slightly on a year-over-year basis (to just under $2.5 billion). However, non- GAAP (adjusted) net income zoomed 47% higher to slightly more than $222 million, or $3.72 per share.
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Why PVH Stock Was Tumbling This Week