VF Corp (NYSE:VFC) stock was up on Monday after receiving an upgrade from one firm.
The upgrade for VF Corp stock comes from JPMorgan. This upgrade includes a new rating and a better price target for the stock. We’ll start with the rating for VFC stock, which JPMorgan increased from “Neutral” to “Overweight” today.
Next up is the price target. JPMorgan’s new price target for VF Corp stock is now sitting at $105. This is a major increase over its previous price target for VF Corp’s stock, which was sitting at $85.00. In fact, it represents a roughly 24% increase to JPMorgan’s previous price target for the stock, reports StreetInsider.com.
The new price target of $105 for VF Corp stock is also well above the closing price of VFC stock on Friday, which was the last day of trading before this upgrade was announced. VFC stock closed at $84.84 on Friday, which has the current price target sitting at 24% above the stock’s latest closing price.
VF Corp last released an earnings report on May 4. During the quarter, the company reported earnings per share of 67 cents on revenue of $3.05 billion. This had it beating out Wall Street’s expectations for the quarter, which included earnings per share of 65 cents on revenue of $2.91 billion.
It will be interesting to see if VF Corp can keep up the momentum when it releases its next earnings report. Analysts are expecting the company to report earnings per share of 33 cents on revenue of $2.67 billion for the current quarter.
VFC stock was up 4% as of Monday afternoon and is up 14% year-to-date.
As of this writing, William White did not hold a position in any of the aforementioned securities.