2025-05-22-Jefferies-拉尔夫·劳伦（RL）_模型更新品牌动力强劲_执行有力；指引谨慎_10页_166kb

• Rating: BUY
• Target Price: $328 (+20% upside)

Highlights

• Q4 Performance: Beat with revenue up 10% (CC) and EPS of $2.27 vs. consensus $2.00.
• FY Guidance: Prudent due to macro concerns like tariffs and consumption slowdown.
• Growth Catalysts:
  • AUR/Mix Improvement
  • International Outperformance (especially in APAC)
  • North America/Macro Headwinds (expected cautious growth, q2 q4 slowdown)
• Margin Strategy: Mitigate tariff impacts via supply chain, pricing, and cost savings
• Valuation (P/E): 21x FY27

Catalysts

• Greater AUR execution
• NA wholesale improvements
• Fashion trends
• Share repurchases