Wells Fargo Upgrades VF Corp. (VFC) to Equal Weight

Wells Fargo analyst Ike Boruchow upgraded VF Corp. (NYSE: VFC) from Underweight to Equal Weight with a price target of $12.00 (from $18.00).

The analyst comments "VFC: Upgrading to EW (from UW) as we view the bear case as largely played out. As one of the biggest laggards in the space YTD, we believe the Vans turnaround has been fully pushed out in the minds of investors, while risk/reward has become much more balanced. We still worry about VFC's balance sheet and FCF; however, we are moving to the sidelines. PT down to $12 from $18, or ~11x FY27E EPS. Our downside is $8, based on an 8x "recessionary" multiple on our bear case of $1.00 in FY27 and our upside is $18, based on our 15x recovery multiple on slight upside to our FY27 base case."

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 $11.70 yesterday.

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