BMO Capital lowered the firm’s price target on VF Corp. to $13 from $18 and keeps a Market Perform rating on the shares. The company’s Q4 results missed estimates, though its inventory reduction drove “healthy” free cash flows, the analyst tells investors in a research note. VF Corp. management also “sounded upbeat”, noting greenshoots and expressing ongoing confidence in turning the businesses and not needing to refinance the next two debt tranches, though the burden of proof still lies on its ability to solve high leverage, material Vans declines, and inflection in The North Face segment, BMO added.
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