VF Corp. (VFC) PT Raised to $20 at Williams Trading

Williams Trading analyst Sam Poser raised the price target on VF Corp. (NYSE: VFC) to $20.00 (from $19.00) while maintaining a Buy rating.

The analyst comments "Buy VFC. Raising PT from $19 to $20, and raising estimates. VFC is likely to achieve its 10% operating margin target on a TTM basis by 2Q29, a bit longer than what was provided at the 2024 investor day. FY27 guidance and the outlook into FY28 is both achievable, and better than the current consensus estimates. Inventory levels for all of VFC's brands are clean on the balance sheet and in the marketplace, which will drive ongoing gross margin expansion. The 10% operating margin target for that was put forth for FY28 in fall '24, was supposed to consist of gross margin of 55%, and SG&A of 45%. Now that VFC has sold the low gross margin and low SG&A Dickies business, a 10% operating margin will consist of gross margin in the 57% range and SG&A in the 47% range. Click Here for VFC 4Q26 earnings presentation. We continue to believe the following: 1) Vans is on the verge of a positive turnaround, which will become more noticeable during the back-to-school (BTS) selling season; 2) Timberland sales, due to too much focus on the icon yellow/wheat boot and derivatives, will roll over by late in the holiday selling season; and The North Face (TNF) momentum is likely intact. Also, the Altra 1Q26 & FY26 increased 45% & 30%+, to over $200M, and momentum should continue."

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