UPDATE: D.A. Davidson Downgrades V.F. Corporation to Neutral, Lowers PT

In a report published Monday, D.A. Davidson & Co. downgraded its rating on V.F. Corporation

from Buy to Neutral, and lowered its price target from $177.00 to $169.00. D.A. Davidson noted, “VFC shares have materially outperformed indices in 2011 and YTD 2012, driven by strong organic growth and the highly accretive Timberland acquisition. With this appreciation, valuation multiples have steadily improved and now more adequately reflect VFC's strong execution, compelling brand portfolio, and earnings growth potential. However, with Europe in recession, China seemingly slowing, and the U.S. consumer outlook for 2013 marred by the potential expiration of the payroll tax holiday, we see less potential for material upward earnings revisions and valuation expansion. As such we are taking a more tempered approach to our price target valuation methodology and moving to the sidelines.” V.F. Corporation closed on Friday at $155.82.