VF Corporation Shares Are Up Today: What You Need To Know

VF Corporation VFC shares are trading higher Tuesday after the company reported better-than-expected second-quarter financial results. Multiple analysts also raised price targets on Tuesday. Here’s what you need to know.

What To Know: VF Corp reported revenue of $2.8 billion, surpassing the consensus estimate of $2.7 billion. The company reported earnings of 60 cents per share, which came in above analyst estimates of 37 cents per share.

Revenue fell 6% year-over-year. The North Face revenues were down 3%, while Vans revenue declined 11%. Americas revenue dropped 10% and international revenue declined 2%. Inventory levels decreased 13% compared to the prior year’s quarter, while net debt was reduced by $446 million, bringing total debt to $5.7 billion.

CEO Bracken Darrell noted that second-quarter results were in line with expectations, with improvement in annual trends and continued progress toward cost-cutting goals. Darrell noted that the company is on track to reach $300 million in savings by the end of fiscal-year 2025.

For the third quarter, VF Corp expects revenue to be between $2.7 billion and $2.75 billion, versus estimates of $2.96 billion. Full-year free cash flow from continuing operations is projected at $425 million.

VF's board announced a dividend of 9 cents per share, payable on Dec. 18 to shareholders of record as of Dec. 10.

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Analyst Changes:

• Telsey Advisory Group analyst Dana Telsey maintained VF Corp with a Market Perform and raised the price target from $19 to $21.

• Baird analyst Jonathan Komp maintained VF Corp with a Neutral and raised the price target from $17 to $20.

• Barclays analyst Adrienne Yih maintained VF Corp with an Overweight and raised the price target from $22 to $25.

• JPMorgan analyst Matthew Boss maintained VF Corp with a Neutral and raised the price target from $16 to $17.

• Citigroup analyst Paul Lejuez maintained VF Corp with a Buy and raised the price target from $20 to $24.

• TD Cowen analyst John Kernan maintained VF Corp with a Hold and raised the price target from $16 to $19.

VFC Price Action: VF Corp shares were up 22.7% at $20.88 at the time of writing, according to Benzinga Pro.

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