Stifel analyst Jim Duffy upgraded VF Corp. to Buy from Hold with an unchanged price target of $30. The company’s dividend cut and resulting selloff in shares present an attractive entry point, the analyst tells investors in a research note. The firm recommends "capitalizing on elevated volume to build positions" and views the new look 4.6% dividend yield as safe. With resulting deleverage, the dividend yield, and a potential earnings boost from fundamental improvement, a re-rating to mid-teens price-to-earnings multiple suggests an opportunity for 75% upside in VF shares within 12 months, it contends.
Published first on TheFly
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