Reinitiating Coverage of Ralph Lauren Under a New Analyst; Shares Undervalued
We are initiating coverage of Ralph Lauren under a new analyst with a $118 per share fair value estimate and a narrow moat rating. Although we’re lowering our $134 fair value estimate to $118 to reflect the impact of efforts to focus resources on fewer brands and to right size the real estate portfolio thereby reducing our long-term top-line outlook, we still think that Ralph Lauren can successfully return to low- to mid-single-digit top-line growth and drive mid-teens margins over the next five...Ralph Lauren designs, markets, and distributes lifestyle products, including apparel, accessories, home furnishings, and other licensed product categories. The company's brand names include Ralph Lauren, Ralph Lauren Collection, Ralph Lauren Purple Label, Polo Ralph Lauren, Double RL, Lauren Ralph Lauren, Polo Ralph Lauren Children, Chaps, and Club Monaco, among others. The company sells directly to customers via its retail stores, concession-based shop-within-shops, and through its own digital commerce sites; while its international licensing partners operated Ralph Lauren stores, Ralph Lauren concession shops, and Club Monaco stores and shops. The company has three segments: North America ; Europe; and Asia.
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