VF Corp. price target lowered to $15 from $18 at Piper Sandler

Piper Sandler lowered the firm’s price target on VF Corp. to $15 from $18 and keeps an Overweight rating on the shares. The firm says Q3 results were disappointing across the portfolio, and it lacks clarity on the drivers of growth and margin expansion in the near-term. Piper finds operating margin expansion next year increasingly more difficult to model, and while it thinks Bracken Darrell is taking many of the right steps, the firm believes it has time to get more constructive given the portfolio review and the impending update on the plan for Vans.