VF Corp. price target lowered to $18 from $22 at Telsey Advisory

Telsey Advisory lowered the firm’s price target on VF Corp. to $18 from $22 and keeps an Outperform rating on the shares. Ahead of the release of its quarterly results, the firm is taking a more “conservative” view of its Q4 results and is moderating its estimates, the analyst tells investors. Recent results have been “disappointing” and announcements of a formal in-depth review of brand portfolio, pending CFO transition, and commitment to strengthening the balance sheet speak to the significant changes ahead, the firm adds. Overall, Telsey believes investors will take a longer-term view of the company’s performance.