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Barclays Maintains an 'Overweight' on VF Corp. (VFC); Review of Management Meetings

June 8, 2011 1:56 PM EDT
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Price: $15.34 +1.66%

Rating Summary:
    11 Buy, 26 Hold, 3 Sell

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Barclays maintains an 'Overweight' on VF Corp. (NYSE: VFC), PT $110.

Barclays analyst says, "As announced on its Analyst Day in March 2011, VF Corp expects to add $5 B in revenues over the next five years, including $3 B from Outdoor & Action Sports, $1 B from Jeanswear, and $1 B from Sportswear, Imagewear, and Contemporary. Of the $3 B increase expected from Outdoor & Action Sports, $1.5 B is expected from the North Face, $900 mm from Vans, $300 mm from Kipling and Napapijri, and another $300 mm from other brands. This increase would take the Outdoor & Action Sports coalition to 50% of revenues by 2015 from 42% in 2010."

"China is the company's fastest growing, most profitable market with a $1 B
opportunity (28% 5 year CAGR). India grew 60% in 2010, and 80% in 1Q11...Planned pricing increases have worked as expected so far this year. Larger price increases will appear at retail on July 1...Inventory levels at VFC are right on plan, up 24% at the end of 1Q11. The increase is due to plans for buying extra denim, FX translation, overall cost of goods increases, and sales growth plans."

For more ratings news on VF Corp. click here and for the rating history of VF Corp. click here.

Shares of VF Corp. closed at $93.88 yesterday.


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