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Fly News Breaks for April 8, 2019
VFC, KTB
Apr 8, 2019 | 09:03 EDT
Cowen analyst John Kernan initiated coverage of Kontoor Brands (KTB) with a $7.50 price target and no rating ahead of the spinoff of VF Corporation's (VFC) Jeanswear business into an independent, publicly traded company. His sum-of-the-parts valuation on calendar 2020 estimates with "reasonable" valuation multiples assumes a valuation range of $96-$105 for the VF Corp. "RemainCo," which includes Vans, The North Face, Timberland and Williamson-Dickie, Kernan noted.
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