VF Corp. initiated with an Overweight at Piper Sandler

Piper Sandler initiated coverage of VF Corp. with an Overweight rating and $29 price target. Despite poor execution at Vans, VF has a portfolio of strong brands, the analyst tells investors in a research note. The firm thinks continued momentum at The North Face, a brand reset at Vans, easier Dickies compares, and margin expansion as heightened supply chain related expenses as lapped position VF well for earnings growth.