V.F. Corp.(NYSE:VFC), the name behind brands such as The North Face, Timberland, Dickies, and Vans, announced that a cyber incident in December resulted in the data breach of nearly 35.5 million customers.
Last month, the cyber incident hampered VFC’s order fulfillment on its eCommerce portal. At the time, the company expected the unauthorized activity to materially impact its business. However, it does not expect the incident to significantly impact its financials now.
VFC has now substantially restored its IT infrastructure and clarified that it does not store customers’ social security numbers, bank details, or card information. Additionally, the company found no evidence of any customer passwords being stolen, according to Reuters.
According to TechCrunch, the hacker group ALPHV/Blackcat claimed credit for the cyber incident. Meanwhile, analysts expect VFC to post an EPS of $0.80 on revenue of $3.27 billion for the third quarter on February 6.
Is VFC a Good Buy Now?
Overall, the Street has a Hold consensus rating on V.F. Corp and the average VFC price target of $18.71 implies a 22.1% potential upside in the stock. That’s after a nearly 49% decline in the company’s share price over the past year.
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