Wall Street is still waiting for PVH Corp. to take off.

Shares of the company fell 10.5 percent to $78.37 in midday trading Thursday, after the company beat its third-quarter earnings estimates, but didn’t raise its outlook for the year, signaling that business will be spread out between the two quarters.

“PVH shares look cheap, but they sure aren’t making it easy for value investors to step in,” said Tom Nikic, an analyst at Needham. “Trends continue to be very volatile.”

The Calvin Klein and Tommy Hilfiger parent company saw third-quarter revenues increase 2 percent to $2.3 billion, making for a drop of less than 1 percent in constant currencies. PVH expects revenues to be flat to slightly positive for the year, in constant currencies.

Nikic zeroed in on the company’s “negati

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