RL - Why Ralph Lauren Stock Jumped This Week
Ralph Lauren (NYSE: RL) shareholders beat the S&P 500 this week as shares rose 11% through Thursday trading compared to a 5% surge in the broader market, according to data provided by S&P Global Market Intelligence . The apparel specialist is now in positive territory so far in 2022, compared to a 7% drop in the S&P 500.
Shares jumped due to rising enthusiasm on Wall Street about its growth prospects.
An analyst at J.P. Morgan upgraded the stock on Thursday and said shares could reach as high as $142 each within the next year. Hitting that mark would represent a new 52-week high for the stock. The Wall Street firm believes investors overreacted to concerns about slowing growth in the key European market, creating an attractive purchase price for this retailer.
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Why Ralph Lauren Stock Jumped This Week