Shares of PVH Corp (PVH) - Get PVH Corp. Report rose on Wednesday after the apparel company's better-than-expected fiscal-second-quarter earnings and revenue prompted price-target boosts by Wall Street's analysts.
The company also raised its full year guidance.
Shares of the New York company at last check rose 14% to $119.91.
Analysts at both JPMorgan and Credit Suisse raised their price targets on the Calvin Klein and Tommy Hilfiger parent.
For the quarter ended Aug. 1 PVH posted earnings of $181.9 million, or $2.51 a share, compared with a loss of $51.4 million, or 72 cents a share, in the year-earlier quarter.
Revenue rose 46% to $2.31 billion from $1.58 billion.
A survey of analysts by FactSet produced consensus estimates of GAAP earnings of $1.21 a share, or an adjusted $1.20, on revenue of $2.14 billion.
The rise in revenue was driven by sales from Calvin Klein and Tommy Hilfiger in international markets, Chief Executive Stefan Larsson said in a statement.
"Our international performance was particularly strong, ... above 2019 pre-pandemic levels. Larsson added.
"Based on our strong first half results, along with strong underlying trends, we are raising our full year outlook,"
For all of fiscal 2022, PVH estimates earnings at $8.80 a share as revenue increases 26% to 28%.
PVH's recovery "has been faster than expected across both global brands," Larsson said.
Analysts at JPMorgan raised their price target on the stock to $125 a share from $109 a share, CNBC reported.
And analysts at Credit Suisse raised their price target on PVH to $145 from $130. Credit Suisse has an outperform rating on the stock.