At one point, Ralph Lauren’s stock was down as much as 6 percent Friday. It rebounded to $149 a share, or down 2 percent for the day.
John Kosar, director of research at Asbury Research, thinks shares can get up to as much as $158 before falling. He sees support around the $134 level.
“I would be much more interested at looking to buy this around $134 a share,” Kosar said. “If we can get down to $105 a share, that’s an even better place.”
“I would be really careful trying to buy this for a $6 or $7 bounce,” added Kosar. “I would rather wait and see us drop another $10 a share.”