UPDATE: Credit Suisse Reiterates Outperform Rating, Raises PT on VF Corp. Following 1Q13 Results

In a report published Monday, Credit Suisse analyst Christian Buss reiterated an Outperform rating on VF Corp.

, and raised the price target from $182.00 to $188.00. In the report, Buss noted, “VF Corp's 1Q13 results ($2.43 EPS vs.. our model for $2.29, $0.11 benefit from tax rate) validate our thesis that the company's diversified portfolio (brands, geographies, channels) mitigates downside risk in a challenging environment, allowing the company to sustain mid- to high-single-digit revenue growth and substantial OM expansion (40bp+ annually), leading to low teens EPS growth. Of particular note we highlight Vans' 1Q sales gains (up 25% Y/Y), which helped offset The North Face's sales deceleration (up 6%, from double digits.). We are adjusting our EPS estimates and raising our target price to $188 (from $182). We are raising our 2013/2014/2015 EPS estimates to $10.97/$12.31/$13.89 (from $1.94/$12.23/$13.71) respectively.” VF Corp. closed on Friday at $174.82.