The US-China trade war is making Ralph Lauren's turnaround less likely, says Bank of America

Ralph Lauren signage is seen on the window of a store on Prince Street in New York.
Michael Nagle | Bloomberg | Getty Images

Ralph Lauren's challenged turnaround in the U.S. and heightened macro headwinds are weighing on the retailer's stock, Bank of America Merrill Lynch said Monday. 

The firm reiterated its underperform rating and slashed its price target to $76 from $98. Shares of Ralph Lauren ticked 1% lower on Monday, hitting a new 52-week low.