Piper Jaffray Raises VFC PT To $128

Piper Jaffray has issued a report raising the Price Target on VF Corp

from $102 to $128 a share. Accrding to the report, "While higher products are weighing on gross margins in commodity-intensive merchandise, top line growth, mix shifts and SG&A leverage continue to drive positive earnings surprises. We are raising our price target from $102 to $128 based on 14x FY12 EPS of $9.16." VFC has a Neutral Rating and closed at $121.05 a share yesterday.