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

CONSUMER CYCLICALS

Equities (+12%) taking mgmt at its word on a recovery. It's trading at a 1y forward P/E of 23x - higher than SPX (20x) and Apparel sector's 13.5x. It's not coming off lows either: was +34% heading into earnings itself. I.e. positivity further down the road being baked in, we see curve as fair, timing wrong.

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