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Fly News Breaks for September 14, 2018
VFC
Sep 14, 2018 | 06:32 EDT
Cowen analyst John Kernan upgraded VF Corp. to Outperform from Market Perform and raised his price target for the shares to $106 from $96. VF's disclosure of a 23% operating margin for Vans implies that the brand alone could generate $1B-plus in free cash flow by fiscal 2022, Kernan tells investors in a research note. The analyst believes the mix shift to Vans creates faster earnings growth for VF Corp., supporting a premium multiple of 25 times for the remaining company. Kernan's new sum-of-the-parts analysis suggests upside for VF shares.
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