VF Corp. downgraded to Neutral from Outperform at Baird

Baird analyst Jonathan Komp downgraded VF Corp. to Neutral from Outperform with an unchanged price target of $34. The analyst is taking advantage of the year-to-date strength in active lifestyle stocks to step to the sideline on several names. Investors are "growing more optimistic in a soft landing and strong margin-led" fiscal 2023 earnings recovery, Baird tells investors in a research note. However, the analyst still fears potential future softening of consumer spending and sees a more balanced near-term risk/reward for several "lower-conviction ideas."