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Telsey Advisory Group raises their RL tgt to $335 from $315. Analyst Dana Telsey noted, "RL enters FY26 with sustained operating momentum, driven by disciplined execution of its brand elevation strategy, continued product innovation, and a diversified global footprint. Recent performance reinforces the view that RL is navigating macroeconomic headwinds with agility, supported by its multiyear track record of HSD AUR growth and a flexible, cost-efficient supply chain. Throughout FY24 and into FY25, RL has consistently delivered earnings beats across regions, demonstrating resilience in a volatile environment and reflecting the strength of RL's premium positioning and its appeal to a broader, younger, and increasingly global consumer base. The first quarter FY26 revenue guide, calling for high-single-digit growth in constant currency (issued in the face of an uncertain macro backdrop), signals continued confidence in the underlying demand for the brand. Moreover, RL's consistent ability to drive higher AURs while expanding its customer base (particularly among younger, female, and less price-sensitive demographics), suggests that recent investments in product, marketing, and channel mix are resonating with target consumers. With improving visibility into gross margin leverage and operating efficiency, RL appears poised to further reinvest in long-term brand health while delivering attractive shareholder returns. As such, we maintain our Outperform Rating, and, given expectations for continued strength in FY26, we raise our price target to $335, from $315 prior. Our increased price target assumes a 21.8x multiple on our two-year forward EPS estimate of $15.34, compared to the current NTM multiple of 20.7x."