People walk by Ralph Lauren's Fifth Avenue Polo store in New York City.
Spencer Platt | Getty Images
A shift back to more formal clothes should be an opportunity for Ralph Lauren to show off a leaner, more efficient business model, according to equity research firm Cowen.
Analyst John Kernan upgraded the stock on Wednesday to outperform from market perform, saying in a note to clients that demand appeared to be strengthening for the luxury brand and highlighting the company's reduction in general and administrative and selling costs.
