Analyst initiates VF with a 'Neutral' rating
(AP) — VF Corp.'s stock price is fair, an analyst said Tuesday, adding the apparel maker has few growth prospects this year.
Sterne Agee's Kenneth Stumphauzer has a positive long-term view of VF and anticipates "superior growth rates" for 2011 based on his belief that the company will likely invest more money into retail and international areas this year.
The analyst said in a client note that five-year revenue growth rates for VF should be somewhere between 4 percent and 6 percent, but that 2010 will be lower due in part to the recession and retailers' cautious approach to inventory ordering.
Stumphauzer initiated VF, maker of Lee and Wrangler jeans, with a "Neutral" rating and $78 price target. The company, which also owns the North Face and Vans brands, is based in Greensboro, N.C.
VF's shares added 89 cents to $72.30 in afternoon trading.
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