By Dhirendra Tripathi
Investing.com – Shares of companies that make everything from clothing to jewelry, footwear and handbags gained Friday on optimism they would benefit from more people splurging on these items as they return to work.
PVH (NYSE:PVH), formerly known as Philips-Van Heusen Corp, rose just short of 4% while Tapestry (NYSE:TPR) and Gap (NYSE:GPS) rose by around 3% each. Ralph Lauren (NYSE:RL) rose 2.4%.
Analysts expect demand for new clothes, shoes, accessories and fashion gear to spurt with vaccinations increasing and as consumers, loaded on last year’s savings, look for ways to spend it.
At the start of this month, Morgan Stanley (NYSE:MS) analyst Kimberly Greenberger maintained a buy on PVH with a price target of $114, around 6% higher from its elevated level.
On March 11, Merrill Lynch set a target of $50 on Tapestry. That target is now just 11% away from its current price.
Wells Fargo (NYSE:WFC) and JPMorgan (NYSE:JPM) see GAP ready for a comeback amid an attempt to turn around the business. The company has unloaded Janie and Jack, which makes high-end clothing for kids.