VF downgraded, stock falls
A Piper Jaffray analyst cut his rating on VF Corp. (NYSE: VFC), parent of The North Face and JanSport, to “neutral” from “overweight,” sending shares down.
In a research note to investors, analyst Jeffrey P. Klinefelter wrote that falling prices of jeans might cut into business. He added that VF would likely face pressure as retail prices for jeans fall and the cost of the cotton climbs.
In addition to its outdoor business segment, VF makes Wrangler and 7 For All Mankind.
Klinefelter said he thinks the company’s stock will climb about 8.5 percent in the next year. That’s down from his earlier prediction of a stock gain of 22.2 percent.
VF shares fell $2.24, or 3.08 percent, to close at $70.57 on Aug. 31.
–Compiled by Wendy Geister
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