02:20 PM EDT, 08/07/2024 (MT Newswires) -- Ralph Lauren ( RL ) delivered "solid" fiscal Q1 results amid a "challenging macro environment," Wedbush Securities said Wednesday in a report.

Ralph Lauren ( RL ) on Wednesday posted adjusted net income in the quarter ended June 29 of $2.70 per diluted share on revenue of $1.51 billion. Analysts polled by Capital IQ expected EPS of $2.47 on revenue of $1.49 billion.

Wedbush raised its full-year 2025 EPS forecast to $11.23 from $11.12 with 2026 up to $12.40 from $12.30.

Ralph Lauren ( RL ) anticipates slower growth in fiscal Q3 due to a timing shift in deliveries, a shorter holiday selling window between Thanksgiving and Christmas, macro uncertainty, and tough comparisons to last year's strong performance, Wedbush said.

Wedbush reiterated a neutral rating on Ralph Lauren ( RL ) stock with a price target of $172.

The company's shares fell 1.9% in recent trading Wednesday.

Price: 161.85, Change: -3.10, Percent Change: -1.88