By Dhirendra Tripathi

Investing.com – Stock of Calvin Klein and Tommy Hilfiger-owner PVH Corp (NYSE:) lost 6.6% Thursday after several brokerages cut their price targets, according to StreetInsider.

Evercore’s $85 was the lowest set by any of the at least six brokerages who trimmed their targets. The target price for Evercore was $120. It retained its underperform rating. Goldman Sachs also retained its buy rating, but its target was reduced to $121 by Goldman Sachs from $140 earlier.

The raft of price cuts followed the company’s fourth-quarter numbers that were disclosed Wednesday.

The company reported that fourth quarter revenue rose 16% to $2.43 trillion. However, the pandemic continues to impact the store’s performance but not as severely. Some shops in Europe and China had to be temporarily closed, while others were open during reduced hours.

Sales of Heritage Brands, which includes IZOD, Van Heusen and Arrow brands as well as Authentic Brands, also impacted the revenue.

Comparable to the loss experienced in the same period last year, adjusted profit per shares was $2.84.

The Heritage business’s sales and closing of stores in Russia, Belarus and Russia will impact revenue growth. Revenue is expected to rise 2%-3% in 2022. According to the company, wholesale shipments to Ukraine were also cut.

Morgan Stanley analyst Kimberly C. Greenberger said the economic forces remain volatile and “All in, if the European situation proves more dynamic than currently contemplated, and/or if consumers are less receptive to ongoing price increases, PVH could observe an unexpected departure in earnings results relative to plan”.

Greenberger is now estimating that the stock will be worth $89 instead of $122.

Jay Sole, UBS analyst was a exception. He reiterated a buy recommendation with a target price of $156, which is $12 lower than the previous one.