VF Corp Faces Price Target Cuts By Analysts After Lowering FY23 Outlook

VF Corp VFC introduced its FY27 long-term strategic growth plan, with revenue five-year compounded annual growth rate (CAGR) up mid- to high single-digit % in constant dollars.

VF Corp cut its FY23 adjusted EPS outlook to $2.60 - $2.70 (consensus $3.04) from the previous guidance of $3.05 - $3.15. The company also reduced its FY23 adjusted gross margin and adjusted operating margin forecast.

VF Corp shares fell 6.9% to close at $32.66 on Wednesday.

These analysts made changes to their price targets on VF Corp after the company cut its FY23 EPS guidance below analyst estimates.

• Telsey Advisory Group cut price target on VF Corp from $65 to $50. Telsey Advisory Group analyst Dana Telsey maintained an Outperform rating on the stock.
• BMO Capital lowered VF Corp’s price target from $45 to $33. BMO Capital analyst Simeon Siegel maintained the stock with a Market Perform.
• Goldman Sachs reduced VF Corp price target from $35 to $30. Goldman Sachs analyst Brooke Roach maintained a Sell rating on the stock.
• Credit Suisse cut price target on the stock from $59 to $45. Credit Suisse analyst Michael Binetti maintained VF Corp with an Outperform.
• Citigroup lowered the price target on the stock from $47 to $35. Citigroup analyst Paul Lejuez maintained the stock with a Neutral.