Citi Maintains PT, Rating On VFC

Citi is maintaining its Hold rating and its $111 price target on V.F. Corp. (NYSE: VFC) in light of meetings yesterday with the company's management.

Says Citi, in its report, “Based on VFC's current valuation (and less near-term upside opportunity), we remain at a Hold rating. We find VFC's momentum, rev. growth (+DD), solid gross margins thus far, FY SG&A leverage, & $1bn CFO solid; however, we are on sidelines on medium-term product cost inflation stock overhang (GM pressure until 1Q12), reduced upside potential vs. guidance, absence of NT catalysts.”

VFC closed at $91.77 yesterday.