Deutsche Bank Previews Q3 For VF Corp, Says Fundamentals Intact
Deutsche Bank issued a Q3 preview for VF Corp (NYSE: VFC) on Friday and saw that "fundamentals remain intact." A Buy rating was maintained while the price target was lowered from $75 to $73.
Analyst Dave Weiner trimmed the "4Q & 2015 EPS model (3Q remains intact), to reflect the ongoing €/$ move from the mid $1.30s."
For Q3, the firm maintained EPS at $1.11, driven by 8.4 percent revenue growth.
Weiner felt the "stock should continue to outperform given (1) a multi-year repositioning which is driving global share gains/GMs, as mix shifts by channel (to retail from wholesale), by geography (away from NA), and by coalition (to OAS), (2) a proficiency in Outerwear which, weather permitting, should be a ‘go-to’ category this 2H and perhaps is due for a 'replacement cycle', (3) an ability to capture lower sourcing costs & manufacturing benefits, (4) focus on pursuing an accretive acquisition."
The report noted the reason for a lowered price target was solely FX related.
VF Corp recently traded at $63.88, up 0.16 percent.
Latest Ratings for VFC
Oct 2014 | Deutsche Bank | Maintains | Buy | |
Sep 2014 | KeyBanc | Upgrades | Hold | Buy |
Sep 2014 | DA Davidson | Maintains | Buy |
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