Stifel downgraded Kontoor Brands (KTB) to Hold from Buy with a price target of $93, up from $89. The company’s execution has been solid against an uneven backdrop but the shares are up 84% year-over-year, the analyst tells investors in a research note. The firm says that for a low-single digit revenue growth business, it sees Kontoor’s multiple as full. Project Jeanius supports margin progress in fiscal 2025 and 2026, though with consideration for risk factors such as multiple compression, Walmart being a 36% customer, and commodity volatility, Stifel struggles to support a compelling upside case for shares, the analyst contends.
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Read More on KTB:
- Kontoor Brands’ Strong Q3 Performance Boosts 2024 Outlook
- Kontoor Brands raises 2024 adj EPS view to $4.83 from $4.80, consensus $4.77
- Kontoor Brands sees 1H25 revenue growth of 4%
- Kontoor Brands reports Q3 adjusted EPS $1.37, consensus $1.26
- Kontoor Brands (KTB) Q3 Earnings Cheat Sheet
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