Piper Jaffray Upgrades VF Corp. (VFC) to Overweight

Piper Jaffray upgraded VF Corp. (NYSE: VFC) from Neutral to Overweight with a price target of $81.00 (from $77.00) following the firm's Taking Stock with Teens Survey.

Analyst Erinn Murphy commented, "We are upgrading VFC and raising our PT from $77 to $81 on the heels of our 30th semi-annual Taking Stock With Teens Survey. We continue to view VFC as a best-in-breed portfolio company with a stellar management team and a strong culture around innovation. This Fall survey increased our confidence that improving category trends in denim should support improving sales and margins for VFC. This apparel & footwear bellwether is one of the best ways to participate in denim in our universe (23-25% of sales) and still provides exposure to secular outdoor/active trends (~60% of sales). While we recognize there is acquisition fatigue among investors, we believe the shares make a compelling entry point when looking at the longer-term potential. YTD, the shares are down 4.5% vs. SPX of down 2%. Importantly, we believe underlying organic trends remain strong and view VFC as a strong holding in a tough market environment."

For an analyst ratings summary and ratings history on VF Corp. click here. For more ratings news on VF Corp. click here.

Shares of VF Corp. closed at $71.56 yesterday.

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