Morgan Stanley Sees Solid Growth Story Priced In for VF Corp

In a report published Thursday, Morgan Stanley analyst Jay Sole reiterated an Equal-Weight rating on

. In the report, Morgan Stanley noted, “VFC's new $3.1B sales at 18% EBIT margin 2019 Timberland goal suggests a 21% IRR on the 2011 $2.3B acquisition. VFC's TBL analyst day presentation increased our confidence VFC can successfully execute another big deal. Very solid fundamental story, but priced in at 21x FY14 EPS. Stay EW.” VF Corp closed on Wednesday at $66.21.