VF Corp.'s stock rises after J.P. Morgan upgrades apparel and footwear maker to neutral from underweight

VF Corp. (VFC), the maker of Vans sneakers and North Face coats, drew an upgrade to neutral from underweight Wednesday. J.P. Morgan analyst Matthew R. Boss raised his price target on VF Corp. to $19 a share from $15. The company's stock was up 3.9% in premarket trading. With the stock down 80% in the past 24 months, the company is expected to reverse its multi-year risk/reward profile with higher gross margins and cost savings, as well as about $1.75 billion in debt repayment expected by April 2025. Chief Executive Bracken Darrell is using some of the strategies from his turnaround as chief executive of Logitech International SA (LOGI) from 2013 to 2023. Boss said Darrell told analysts the Logitech playbook is 100% applicable and has been eerily similar so far with few structural differences. Darrell also noted that the Vans is brand stronger than Logitech when he took over at his former company.e Vans is brand stronger than Logitech when he took over at his former company.

-Steve Gelsi

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11-15-23 0732ET

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