UPDATE: Piper Jaffray Cuts PT to $153 on V.F. Corporation on Risk/Reward
Piper Jaffray reiterated its Neutral rating on V.F. Corporation (NYSE: VFC) and lowered the price target from $155.00 to $153.00.
Piper Jaffray said, “While selling trends for TNF were likely soft through the mid-part of Dec tied to warmer weather, it does appear that sell-through rates have picked up over the last four to five weeks as weather has cooled. That said, given the second consecutive warm winter, we would expect retailers and brands to approach 2013 with caution and believe it is prudent to trim our FY13 estimates. We view the risk/reward profile for VFC shares as balanced--trading at 13.6x our FY13 EPS--inline with our 14% projected EPS growth rate.”
V.F. Corporation closed at $148.97 on Friday.
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Tags: Piper Jaffray