Goldman Sachs Downgrades VF Corp. (VFC) to Neutral, 'Longer-dated path to turnaround as profit pressures persist'
Goldman Sachs analyst Brooke Roach downgraded VF Corp. (NYSE: VFC) from Buy to Neutral with a price target of $14.00 (from $19.00).
The analyst comments "We downgrade VFC to Neutral from Buy and lower our 12-month price target to $14 from $19. While we continue to see opportunity for strategic transformation initiatives to drive long-term recovery, we now have less conviction in the outlook ahead for revenue and margin performance. As evident this quarter, core brands across the portfolio have delivered sharper declines than our forecasts and we believe the outlook for revenue growth has worsened across geographies (but particularly NA / Europe) and channels (in particular, wholesale)."
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Shares of VF Corp. closed at $16.95 yesterday.