PVH Corp's stock plummeted 5.55% during intraday trading on Thursday, marking a significant decline for the apparel company.

The sharp drop appears to be driven by the company's disclosure of ongoing risks related to a previously remediated IT control weakness. According to company filings, this weakness still poses potential future financial reporting and stock price risks, raising concerns among investors about the company's internal controls and financial transparency.

While analysts maintained generally positive ratings on the stock, with Telsey Advisory Group raising its price target and Needham maintaining a Buy rating, the risk disclosure overshadowed these positive developments, leading to the substantial sell-off.