Shares of VF Corp (VFC) took a sharp dive in pre-market trading, plummeting 5.19% following a downgrade from BNP Paribas Exane. The financial services firm lowered its rating on VF Corp from Neutral to Underperform and adjusted its price target from $11 to $10, signaling growing concerns about the company's near-term prospects.
The downgrade comes at a challenging time for VF Corp, as the company faces headwinds in the competitive apparel and footwear market. BNP Paribas Exane's decision to cut its price target suggests that analysts are becoming more cautious about VF Corp's ability to navigate current market conditions and deliver value to shareholders.
Despite this negative sentiment from BNP Paribas Exane, it's worth noting that the overall analyst consensus on VF Corp remains mixed. According to FactSet, the average rating for VFC stock is Hold, with a mean price target of $13.50. This indicates that while some analysts are becoming more bearish, others still see potential upside for the stock. Investors will likely be watching closely for any further analyst revisions or company announcements that could impact VF Corp's stock performance in the coming days.
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