VF Corp. price target lowered to $24 from $27 at Stifel

Stifel analyst Jim Duffy lowered the firm’s price target on VF Corp. to $24 from $27 and keeps a Buy rating on the shares. Fiscal Q2 headline numbers were “decent,” but “sober commentary” on Vans, the retraction of guidance and a 33% reduction to free cash flow forecasts “are a cold dose of reality on trends,” the analyst tells investors. While the firm is cutting FY24 and FY25 estimates “sharply” and is “frustrated with the Vans turn progress and disappointing cash flow,” Stifel continues to view the brand portfolio as undervalued on a sum-of-the-parts basis, the analyst added.