As previously reported, BofA/Merrill downgraded VF Corp. two notches to Underperform from Buy and lowered its price target to $54 from $73. Analyst Robert Ohmes sees risk to VF's outdoor and action sports revenue growth due to limited North Face upside given cautious retailer orders, a fashion footwear shift towards retro sneakers from canvas that will likely pressure Vans, and a softer outlook for Timberland due to excess inventory in the US Sportswear channel and difficult comps. The analyst lowered his 2016 earnings estimate to $3.15 from $3.20 and 2017 to $3.50 from $3.60 given his lower revenue growth outlook.