PVH Corp (NYSE:PVH) stock rose 3.02% (As on January 23, 11:17:55 AM UTC-4, Source: Google Finance) after the company has been upgraded by Barclays from an “equal weight” rating to an “overweight” rating. The firm presently has a $106.00 target price on the textile maker’s stock, up from their previous target price of $72.00. Barclays‘s price target indicates a potential upside of 22.59% from the company’s previous close.

Meanwhile, PVH Corp’s diversified brand portfolio and continued momentum in its core brands, Calvin Klein and Tommy Hilfiger, make it well-placed for long-term growth. The company’s Tommy Hilfiger and Calvin Klein brands continued to perform well in third-quarter fiscal 2022, driven by robust consumer demand. On a cc basis, Tommy Hilfiger revenues rose 7%, while Calvin Klein revenues grew 9% in the quarter. The Tommy Hilfiger brand gained from a strong product assortment, a partnership with Shawn Mendes, a recent fashion show at New York Fashion Week and a multi-verse Tommy Factory Runway experience, which launched its Tommy Hilfiger Monogram collection. Calvin Klein has been witnessing strong consumer engagement. It recently launched its platform CK.com in North America, which offers faster site speed and strong product imagery. Management remains confident about the underlying power of Calvin Klein and Tommy Hilfiger brands, which position the company’s business to succeed amid the ever-changing consumer landscape.

Further, the company’s international business continued to deliver strong results in the third quarter of fiscal 2022, both on a year-over-year and pre-pandemic basis. The international unit’s revenues rose 7% year over year on a cc basis, driven by product strength, solid consumer engagement amid the challenging environment in Europe, and COVID-19 restrictions in China. The region witnessed gains across markets in Europe, with the region exceeding $1 billion in sales in the quarter for the first time. Going ahead, management expects the international business to drive growth.

Moreover, PVH focuses on boosting efficiencies to be cost-competitive and, in turn, reinvest in strategic plans. In sync with its plans, the company remains on track to reduce 10% of its workforce in its global offices by the end of 2023. The move is likely to generate savings of more than $100 million, which will then be reinvested in digital, supply chain and consumer engagement related to the PVH+ Plan. In a recent development, as part of the PVH+ plan, PVH Corp announced the extension of its license agreements with G-III Apparel Group from 2025 to 2027.