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VF Corp (VFC; Baa3 Neg/BBB- Neg) Equity upgrades

CONSUMER CYCLICALS

Equities +9.5% in pre-market, equity analyst running behind the move with upgrades. Equities will extrapolate a trend in earnings - which is now pointing up (though still falling) and gives them free will to forecast growth and eventual profitability (into perpetuity).

We are more cautious, see levels here as fair but don't see timing as right (Q2 still looks rough on the bottom-line). PVH29s (parent of Tommy Hilfiger and Calvin Klein) has generally been our value view in retailers - we see it as fair ahead of earnings later this month.

  • "VF Corp. PT Raised to $19 from $16 at Barclays"
  • "VF Corp PT Raised to $17 from $12 at JPMorgan"
  • "VF Corp PT Raised to $17 from $13 at Baird" - bbg

Take from earlier here

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