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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