Fashion Brands Q2 Preview & Alt Data Update; Europe, Oil, AUR Industry Themes

Research evidence excerpt

Fashion Brands Q2 Preview & Alt Data Update; Europe, Oil, AUR Industry Themes

USA | Fashion Brands EquityJulyResearch21, 2026

KEY STOCKS FEATURED INCLUDE:Fashion Brands Q2 Preview & Alt Data Update;

TICKER RATING PRICE TARGETEurope, Oil, AUR Industry Themes

CPRI HOLD $18.00

We raise FQ4 TPR rev/EPS above Street on Coach NA & margin upside, but stay DECK BUY $130.00

Hold on potential for conserv. guide and slowing growth that could limit val. PVH BUY $91.00

upside. We lift RL FQ1 on stronger NA retail & resilient Europe and see prudent RL BUY $435.00

pass-through of beat. We reit. DECK ests. & would look past NT HOKA dynamics TPR HOLD $150.00

to multi-yr val. and est. upside. We raise KTB ests. and like pending Lee sale,

although view the higher P/E as fair. Our CPRI est. remain below Street.

Tapestry - HOLD (TPR, $150 PT) - For FYQ4, we raise our sales and EPS ests. above Street ($1.29 KEY CHANGES INCLUDE:

vs. $1.26) led by Coach NA (we model segment sales 16.0% Y/Y, vs. 12.9% cons. and see bias TICKER RATING PRICE TARGET

for 20% potential on web strength and AUR help from Summer Sale shift and higher pricepoint

CPRI HOLD $18.00 ($20.00)

innovation). We model above the Street next year, ($7.95 vs. $7.83), and see possibility for an initial

conservative guide near our est. and pointing to a slower sequential trajectory (helped by Int'l), which TPR HOLD $150.00 ($142.00)

could continue to limit multiple expansion (priced in now to some extent). For FY27 we conserv.

model Coach NA of 6% (~30% 2YR stack, same as Q4 guide), below 8% cons., although we see

upside oppty based on continued brand heat. Investors should also be focused on AUR vs. unit Exhibit 1 - Stock Price Movement Build vs.