Susquehanna Downgrades Kontoor Brands (KTB) to Neutral

Susquehanna analyst Sam Poser downgraded Kontoor Brands (NYSE: KTB) from Positive to Neutral with a price target of $20.00.

The analyst comments "Stepping aside. A central tenet for owning KTB has been the attractive dividend yield, which now appears at risk. Further, the stock has hit our PT. With that said, we think the likely decision to suspend the dividend (~$32M/quarter) is wise in the current Covid-19-impacted environment. The long-term opportunities for Lee and Wrangler remain intact. However, it is likely that for the time being investors will no longer be paid to wait for Lee and Wrangler to hit their stride."

For an analyst ratings summary and ratings history on Kontoor Brands click here. For more ratings news on Kontoor Brands click here.

Shares of Kontoor Brands closed at $21.32 yesterday.

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