VF Corp. (VFC) PT, Est. Trimmed at Piper Jaffray Following Teen Survey
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Piper Jaffray analyst Erinn Murphy trimmed estimates and her price target on VF Corp. (NYSE: VFC) to $63.00 (from $67.00) following the firm's 32nd semi-annual Taking Stock With Teens survey. She is leaving an Overweight rating on the stock.
Murphy commented: "We are reducing our estimates slightly--for Q3 and beyond to take into account somewhat mixed reads on VFC's core portfolio. VFC's three major brands, The North Face (20% sales), Vans (18-19% sales) and Timberland (16-17% sales) all show up in our survey work. For the last several months, the investment community has been highly (almost myopically) focused on trends & comments around Vans, particularly post the GCO quarter. While our survey work confirms slippage for the Vans brand among females (in favor of adidas & Converse), we did see share gains among teen males. In sum, reads were "mixed", not terrible. In fact, Vans is still the No. 2 footwear brand in our survey at 9% share--flat Y/Y. TNF & Timberland were effectively unchanged."
Shares of VF Corp. closed at $54.73 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesPiper Jaffray, Erinn Murphy
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