VF Corp. downgraded at Goldman Sachs on longer turnaround path

As previously reported, Goldman Sachs downgraded VF Corp. to Neutral from Buy with a price target of $14, down from $19. While the firm sees opportunity for strategic transformation initiatives to drive a long-term recovery, it now has less conviction in the outlook ahead for revenue and margin performance as core brands across the portfolio have delivered sharper declines than the firm’s forecasts, the analyst tells investors. The firm believes the outlook for revenue growth has worsened across geographies and channels, the analyst added.