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VFC

VF Corp.

$50.37

-0.15 (-0.30%)

08:53
02/17/17
02/17
08:53
02/17/17
08:53

VF Corp. sees 1H EPS down at MSD percentage rate, revenue down low single digits

Says company's fundamentals "strong." Says that while segments of wholesale business in North America struggled in 2016, its direct-to-consumer business is "strong." Says to focus Vans, North Face, Timberland in 2017; sees collective growth rate in high single digit rate in 2017. Says will "meaningfully" invest in digital. Sees 1H17 revenue on a reported basis to decline at a low single-digit percentage rate and EPS to decline at a mid-single-digit percentage rate on a reported basis. Sees 2H revenue on a reported basis to increase at a low single-digit percentage rate, EPS up at a low single-digit percentage rate on a reported basis. Says will focus on M&A to create value, but won't take action "simply for the act of taking action." Direct-to-consumer revenue is expected to grow at a high single-digit percentage rate in 2017, including the addition of about 50 stores and mid-single-digit comparable sales growth, including an expected increase of approximately 25% in e-commerce revenue. Sees FY CapEx approx. $225M. Sees FY Vans revenue up at low double digit rate. Sees FY Timberland growth in low single digit range. Sees FY17 Jeanswear revenue in line with FY16. Says "increasingly confident" about growth opportunity of Imagewear, sees FY17 Imagewear coalition revenue up at low single digit rate. Comments taken from the Q4 earnings conference call. VF Corp is down 3.3% in pre-market trading.

  • 17

    Feb

VFC VF Corp.
$50.37

-0.15 (-0.30%)

02/01/17
EVER
02/01/17
DOWNGRADE
EVER
Hold
VF Corp. downgraded to Hold from Buy at Evercore ISI
02/01/17
EVER
02/01/17
DOWNGRADE
Target $50
EVER
Hold
VF Corp. downgraded to Hold on wholesale dislocation at Evercore ISI
As previously reported, Evercore ISI downgraded VF Corp. to Hold from Buy and reduced its price target to $50 from $62. Analyst Omar Saad said VF's US wholesale wholesale relationships that account for more than 70% of revenues have no quick or easy fix and 2017 is shaping p to be another transition year as both wholesale customers and the company look to get the right balance of inventory in the channel. Saad believes 2017 is shaping up to be another fundamentally challenging year for Softline Retail and recommends reducing exposure to company's with significant profit exposure to traditionally channels. The analyst said the once-important layers of middleman, and mark-ups, are becoming obsolete in today's digital landscape where consumers have instant visibility into selection, brands, and price, brand building is achieved through social rather than traditional media, and the new standard of convenience is same-day delivery.
02/02/17
GSCO
02/02/17
DOWNGRADE
GSCO
Neutral
VF Corp. downgraded to Neutral from Buy at Goldman
Goldman analyst Lindsay Drucker Mann downgraded VF Corp to Neutral and lowered its price target to $51 from $61. The analyst said VF Corp. is largely a domestic-oriented wholesaler and its largest retail partners are facing declining store traffic, brand disintermediation, and online competition. Mann sees limited catalysts to lift earnings following the key cold-weather selling season and lowered its FY17 earnings estimate to $3.30 versus consensus of $3.39.
02/02/17
02/02/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Facebook (FB) downgraded to Hold from Buy at Pivotal Research with analyst Brian Wieser saying that while the company reported "another very good quarter" last night, spending in 2017 will weigh on the valuation. Facebook's guidance on expense growth and capital expenditures for 2017 was higher than expected, Wieser tells investors in a post-earnings research note. He cut his price target for the shares to $135 from $147. 2. CVS Health (CVS) downgraded to Neutral from Outperform at Baird with analyst Eric Coldwell saying he would recommend selling the shares but for the strong cash flow and potential outsized benefits it might see under corporate tax reform scenarios. Although the fundamentals are not good, Coldwell said the company's exposure to direct and indirect remuneration fees is what concerns him most. 3. Shutterfly (SFLY) downgraded to Hold from Buy at Needham and to Neutral from Outperform at Baird. 4. Nordstrom (JWN) and Urban Outfitters (URBN) were downgraded to Sell from Neutral at Goldman, while VF Corp. (VFC) was downgraded to Neutral from Buy. 5. Galena (GALE) downgraded to Hold from Buy at Maxim with analyst Jason Kolbert citing the uncertainty he sees for its path forward following the resignation of CEO Mark Schwartz. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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TCF

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