VF Corp. price target lowered to $18 from $22 at BMO Capital

BMO Capital lowered the firm’s price target on VF Corp. to $18 from $22 and keeps a Market Perform rating on the shares. The firm is citing the company’s softer-than-expected gross margin that offset a top-line beat for a bottom-line miss, along with the management withdrawing its FY24 guidance and cutting its dividend by 70%, the analyst tells investors in a research note. BMO remains sidelined on the stock, awaiting clarity around troughing earnings, revenue/gross margin visibility, and Balance Sheet deleverage.