VF Corp. (VFC) PT Lowered to $83 as Cowen Search Trends Analysis Comes Up Short
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Cowen analyst John Kernan lowered the price target on VF Corp. (NYSE: VFC) to $83.00 (from $94.00) while cutting estimates after analyzing monthly Google Search trends data.
The analyst stated "Intra-quarter reads for Vans appear to remain challenged, showing ongoing Google search declines y/y on a thirteen-week average basis y/y. When compared to 2019, Vans’ Google Search data indicates greater deterioration, down greater than (-40%) from 2019 on a thirteen-week average from July 2021 through MTD September 2021. The results for Vans also lag several of its athletic and casual lifestyle footwear peers, potentially indicating market share loss. Air Jordan, Yeezy, HOKA, Crocs, Nike, Columbia and Skechers are all demonstrating accelerated growth".
in Google trends through mid-September 2021 off of sustained momentum (see Figs 1-5
for detail). Active ex-Supreme was guided to growth of +5% in FY22 vs FY20, significantly
accelerating from the (6%) contraction it experienced in Q1:22.
while maintaining a Outperform rating.
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