Ralph Lauren's 'elevated casual' style and low exposure to China and Russia drive JPMorgan upgrade - MarketWatch

Ralph Lauren Corp. RL, -2.39% is on trend according to JPMorgan analysts, who upgraded the lifestyle company to overweight from neutral. JPMorgan maintained its $142 price target. Analysts cited the "elevated casual" style of the Polo brand, which is largely for men, and the return to events that will boost the high-end merchandise. JPMorgan also examined the company's exposure to China, Russia and Eastern Europe, and determined those regions account for under 10% of revenue. North America, which shows signs of "sustainable top-line growth," accounts for about half of revenue. Heading out of the pandemic, JPMorgan says Ralph Lauren has accomplished the strategic goals it set in September 2020, including a reduction of off-price sales and a refocus on core brands. Ralph Lauren stock was up 3.3% in Thursday premarket trading, and is down 5.8% for the past year. The S&P 500 index SPX, -0.04% is up 9.7% for the last 12 months.