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Ralph Lauren Corporation stock price
Ralph Lauren Corporation latest news:
Ralph Lauren shares slide 2% as Miller Tabak downgrades to sell
Shares of Ralph Lauren Corp. slid about 2% Wednesday, after Miller Tabak downgraded the stock to sell from hold and said demand for its brands among luxury shoppers appears to be fading. The investment firm said its indicator of demand peaked at 14% in July and is now flat and headed lower, and it expects the stock to follow suit. "The last time our indicator started downward the stock dropped from $109 in December 2016 to $75 in February 2017 (and then further to $65 when they missed the next quarter)," Miller Tabak wrote in a note. The stock is not expensive, trading at 16 times expectations for calendar year 2018, but if fundamentals decline, that may not matter, said the note. Analysts have tweaked forecasts upward after an earnings beat last quarter. "We'll continue to look to see if our fundamental demand indicator changes. If it does, we'll likely change our mind on our rating," said the note. Ralph Lauren shares have fallen 5% in 2017, while the S&P 500 has gained 14%. Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
Tiffany names industry veteran Roger Farah chairman
Tiffany & Co. has named industry veteran Roger Farah as chairman, effective Oct. 2. Farah, 64, joined the upscale jeweler's board in March and had served in leadership roles at Ralph Lauren Corp., Venator Group Inc., among others.
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