PVH Corp (NYSE:PVH) just took a hit after J.P. Morgan downgraded the stock to "Neutral," citing a sluggish topline recovery and ongoing macroeconomic turbulence. The brokerage didn't stop thereit also slashed the price target from $149 to $113, dialing down expectations for the Calvin Klein and Tommy Hilfiger parent company. Analysts acknowledged PVH's brand revival efforts under new leadership but warned that hitting its mid-teens operating margin target is looking like a longer grind than expected.

J.P. Morgan's note flagged several pressure points: a crowded promotional landscape, foreign exchange volatility, and broader economic headwinds that could make the turnaround even tougher. Global trade shifts and a weaker macro backdrop could further complicate things. Still, PVH's consensus target price sits at $126.3, suggesting some analysts are holding onto optimismthough that gap could shrink fast if the bearish tone spreads.

Investors aren't waiting around. PVH stock dipped over 6% in the afternoon. With only five of 14 covering brokerages maintaining a "hold" rating, the market seems to be bracing for a rougher ride ahead. PVH's next moveswhether doubling down on brand momentum or finding ways to cut through the noisewill determine if it can shake off this wave of skepticism.