VF Corp. initiated with a Hold at Jefferies

Jefferies initiated coverage of VF Corp. with a Hold rating and $20 price target. With new management, product changes and cost cuts, VF “is on the right path for profitable growth,” the analyst tells investors in a research note. However, the firm believes the company’s medium-term recovery will likely not be linear and says visibility remains limited. It believes the stock’s multiple already reflects its “meaningful progress relative to uncertainty.”