Raymond James upgraded Ralph Lauren from Market Perform to Outperform. The firm established a new price target of $410 per share.
Proprietary checks for the first fiscal quarter revealed accelerating website traffic. Mobile app usage and positive Google Trends data indicate strengthening consumer engagement.
The company reduced year-over-year promotions to support its brand elevation strategy. This shift resulted in higher average unit retail prices. The strategy also led to improved gross margins.
Ralph Lauren is seeing sales momentum in women's apparel, outerwear, and handbag categories.