Apparel maker V.F. Corporation (
) on Tuesday caught a big upgrade from analysts at Janney
The firm said it boosted its rating on VFC from "Hold" to "Buy"
with a $160 price target, which suggests a 17% upside to the
stock's Monday closing price of $137.10.
A Janney Montgomery Scott analyst commented, "We are upgrading
shares of VFC to Buy, as our meetings with the company give us
greater comfort that the market has over-reacted to fears regarding
Europe (down 12% from the peak), exacerbated by recent commentary
from Ralph Lauren (
)(Not Covered). We hosted investor meetings with VFC at our Janney
Consumer Conference, and we come away with greater conviction that
the company is positioned to navigate through the weakening macro
conditions in Europe, while continuing to drive top line growth
beyond the region (taking share domestically, further penetrating
emerging markets) and drive greater margin expansion (input cost
inflation reversal + mix shift, DTC, Int'l), all of which support a
continued robust earnings trajectory over the next few years."
V.F. Corp shares jumped $3.48, or +2.5%, in late morning trading
The Bottom Line
Shares of V.F. Corp (
) have a 2.10% dividend yield, based on last night's closing stock
price of $137.10. The stock has technical support in the $130 price
area. If the stock can firm up, we see overhead resistance around
the all-time high levels of $150-$156 a share.
V.F. Corporation (
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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