** Jefferies upgrades Tommy Hilfiger parent PVH Corp PVH.N to "buy" from "hold", raises PT to $105 from $70

** New PT implies 23% upside to stock's last close

** PVH shares rise 4.6% to $84.25 premarket

** Brokerage sees upside to new management initiatives and lapping of one-time headwinds that are expected to drive sales growth

** Expects margin expansion for PVH, with operating margins improving by 30 basis points in 2026 on sales acceleration and further cost reductions

** However, Jefferies flags macro risk due to PVH's presence on China's Unreliable Entity List, which could restrict co's operations in the country, but says resolution or outsourcing to licensed provider could serve as asignificant catalyst

** As of last close, PVH stock down 23.9% YTD

(Reporting by Padmanabhan Ananthan)

((Padmanabhan.Ananthan@thomsonreuters.com))