UPDATE: Citigroup Raises PT to $184 on VF Corporation on Growth Outlook
Citigroup reiterated its Buy rating on VF Corporation (NYSE: VFC) and increased its price target from $165 to $184.
Citigroup commented, "We are removing VFC from Citi's Top Picks Live! list given the stock's outperformance – up 14% since we added it on 21 June 2012. However, we are maintaining our Buy rating on VFC as we believe the long-term story remains in tact: topline growth and margin expansion. VFC's increased international growth expectations (now 45% penetration by 2017 vs. 40% by 2015 previously) and U.S. performance should continue to drive solid topline growth. Additionally, we continue to expect margins to expand from: 1) lower cotton prices; 2) low inventories; 3) higher selling prices sticking; and 4) mix enhancements (international, outdoor/action sports, DTC)."
VF Corporation closed at $158.49 on Friday.
Latest Ratings for VFC
|May 2015||B. Riley||Initiates Coverage on||Buy|
|Mar 2015||JP Morgan||Maintains||Overweight|
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