VF Corp. price target raised to $15 from $13 at BofA

BofA raised the firm’s price target on VF Corp. (VFC) to $15 from $13 and keeps an Underperform rating on the shares. While “encouraged by the sequential improvement in sales growth,” the firm is also concerned with the investment needed to drive it as it argues that high leverage puts more focus on a quicker turnaround and contends that “inflecting to growth might be more difficult.” The firm raised the multiple it applies to its estimates to reflect stronger recent execution, but lowered its FY25 and FY26 EPS forecasts by 6c and 14c, respectively, on higher expected SG&A costs.