Ralph Lauren is trading at a discount

U.S. clothing design company Ralph Lauren looks like a buying opportunity, according to a report on Sunday in Barron's financial newspaper, which said the company's investment in new technology should lead to rising profit in coming years.

Much of Ralph Lauren's recent woes appear tied to currency swings, which tend to self-correct over time, Barron's said.

The company's shares closed Friday at $109.38, a level not seen since late 2010. Barron's said the stock could hit $135 over the next year.

Barron's said the company, which gets about two-thirds of its revenue from North America, has room to grow in Europe and Asia.