UPDATE: Morgan Stanley Assumes Coverage on VF on Balanced Risk/Reward

In a report published Wednesday, Morgan Stanley analyst Jay Sole assumed coverage on

with an Equal-Weight rating. In the report, Morgan Stanley noted, “VFC's differentiated business model makes it a secular winner, in our view, and we have high conviction in our 13% 4-yr EPS CAGR. Following the stock's deserved 5-turn P/E re-rating to 17x FY2 EPS, we now see only a balanced risk/reward.” VF closed on Tuesday at $60.41.