Ralph Lauren: Déjà Vu: 4Q26 Preview

研报英文原文证据摘录

Ralph Lauren: Déjà Vu: 4Q26 Preview

Deutsche Bank

Research

Rating Company Date

Buy Ralph Lauren 18 May 2026

North America Reuters Bloomberg Rating Buy

United States RL.N RL US Price target (USD) 434.00 Price at 15 May 26 326.81

52-week range 389.52 – 260.21

Consumer

Apparel, Footwear & Textiles Valuation & Risks

Déjà Vu: 4Q26 Preview

Krisztina Katai

Headed into the final quarter of RL’s fiscal year, we expect another strong set of Research Analyst

+1-212-250-0590 results, with our checks pointing to sustained brand heat across the globe,

accelerating Google Search interest, and a continued pullback on discounting in Nick Breckenridge

the US. That said, investor sentiment leans negative into the print, which we Research Associate

attribute to: 1) broader risk-off sentiment towards EMEA-exposed global brands; +1-212-250-9179

2) last quarter’s unexpected slowdown in EMEA SSS; and 3) management having

Jessica Taylor to give full-year guidance against tough YOY compares, consumer pressure in Research Associate

EMEA, and a potentially worse global macro as energy prices are higher for +1-212-250-3165

longer.

While we agree that the setup screens optically challenging, we can’t help but

draw comparisons to the setup into RL’s 4Q25 earnings (i.e., management giving Key changes

FY26 guidance a month after Liberation Day) – which resulted in three Price target (USD) 435 434 0%

consecutive top-line guidance raises in following quarters despite tougher

Source: Deutsche Bank

compares. This all goes to say, we don’t think much is changing in the RL story,

and expect FY27 to be another year of meaningfully positive estimate revisions

from: 1) sustained brand heat in core markets and growing mindshare in

adjacency categories; 2) consumer fashion preferences increasingly trending