Cowen Cuts Price Target as V.F. Corp. (VFC) Releases Below Street 4Q Guidance
Cowen maintained a Market Perform rating on VF Corp. (NYSE: VFC), and cut the price target to $70.00 (from $79.00), following the company's 3Q15 earnings results. Implied Q4 guidance now calls for lower sales growth in all business segments excluding OAS and Jeanswear. Q4 EPS is now expected to be $1.05, which is lower than the consensus of $1.06.
Analyst John Kernan commented, "While we consider VFC a great company, we are happy to be on the sidelines with 81% buy ratings on the stock and consensus estimates and targets that remain too high. We lower our FY16 estimates below consensus. We lower our price target to $70 as sector valuation remains under pressure. NKE, UA and GIII remain our best ideas in a sector with significant inventory oversupply and slowing top-line."
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 $73.21 yesterday.