Baird analyst Jonathan Komp last night initiated coverage of Kontoor Brands (KTB) with an Outperform rating and $105 price target The firm believes the company’s transformation from a “stable dividend yield story to an above-average” growth, high-margin portfolio following the Helly Hansen acquisition appears underappreciated. Kontoor has strong brand positioning for Wrangler and is positioned for Lee recovery, the analyst tells investors in a research note. The firm expects the stock’s multiple to expand as investors gain confidence in the Helly opportunity.
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