Telsey Says VFC Remains 'Well-Positioned' For Growth

Telsey Advisory Group analyst Dana Telsey reiterated an Outperform rating on VF Corp VFC with a price target of $70 (48% upside).
The analyst expects Q1 FY23 revenue growth to exceed the consensus growth estimate of 2%.
Weakness in China and softer Vans revenue are expected to lag in the first quarter before improving as the year progresses.
While the current environment in China is challenging, the company continues to see significant distribution and brand awareness opportunities in China for all of its brands.
Telsey said the company continued to face elevated freight costs, port congestion, labor shortages, and equipment constraints.
Despite macro pressures, the analyst continues to view the company's brand portfolio and increased streetwear profile as well-positioned in an environment of an ongoing apparel demand rebound.
Price Action: VFC shares are trading lower by 0.11% at $47.25 on the last check Friday.
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