PVH (PVH) - Get PVH Corp. Report , owner of such brands as Calvin Klein and Tommy Hilfiger, is looking diversify into accessories, according to a Citi analyst, who raised his price target for the apparel maker Wednesday to $102 from $81.

Shares of PVH slipped at 1.5% at $98.53.

Analyst Paul Lejuez, who affirmed a neutral rating on the stock, said in a note to investors that the New York company's three-quarter results were "decent" and that its guidance for the fourth quarter seems achievable.

In addition, Lejuez said the bigger news from PVH's earnings call was that management is looking for acquisition opportunities.

On Monday, PVH reported net income of $209.2 million, or $2.82 a share, down from $243.1 million, or $3.15 a share, in the year-earlier period. Excluding special items, the company earned $3.10 a share, beating analysts' estimates of $3. Total revenue rose 2.5% to $2.59 billion, above the average analyst estimate of $2.54 billion.

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During the call Chairman and CEO Emanuel Chirico said the company is adept at making acquisitions.

"I think we have a demonstrated track record of knowing how to do acquisitions," Chirico said, according to a transcript, "how to integrate them to get the benefits out of it, how to manage that from a portfolio company, which I think people underestimate, is we land this to keep what's critical to operate the brands and keep those separate from the design product, aesthetic point of view and being able to leverage the back-office, all of the systems, the capabilities and the strategies in order to take advantage of that and make the investments for each of the brands.

"I think we understand how that's done. And that's -- we are aggressively looking to move in that direction."

Lejuez said PVH wants to diversify into accessories, which could point to such companies as Tapestry (TPR) - Get Tapestry, Inc. Report and Capri Holdings (CPRI) - Get Capri Holdings Limited Report as potential candidates.

He added that while paying the right price for an acquisition could be a positive for PVH, the idea that the company would use free cash flow for this purpose "also adds some risk to the story."

Tapestry, with brands including Coach, Kate Spade and Stuart Weitzman, was up slightly to $26.66.

Capri, which runs brands including Versace, Jimmy Choo and Michael Kors, was up 1.8% to $37.