Shares of luxury apparel brand Ralph Lauren (NYSE:RL) surged by as much as 4.5%, reaching an all-time high of $197.83 following price target upgrades from brokerages TD Cowen and Wells Fargo.
TD Cowen increased its price target to $208 from $193, citing the company's strategic focus on driving direct-to-consumer (DTC) sales through enhancements made at RL.com.
The brokerage expects this move to bolster sales growth, particularly as the company sees increased penetration in women’s apparel and handbags, along with easing foreign currency headwinds.
Wells Fargo also raised its price target, moving from $175 to $195, underscoring confidence in the brand's growth trajectory.
Currently, 12 of 20 brokerages rate Ralph Lauren as a "buy" or higher, with seven issuing a "hold" rating and one marking it as "sell."
The median price target sits at $195.
With the latest session's gains, the stock has climbed 37.2% year-to-date.