VF Corp. initiated with a Buy at Needham

Needham analyst Tom Nikic initiated coverage of VF Corp. (VFC) with a Buy rating and $28 price target The company “is on the road to recovery” following one of the most challenging periods in its history, which saw its earnings power reduced by 80%, the analyst tells investors in a research note. The firm says CEO Bracken Darrell is executing on a plan to improve the company’s efficiency and margins, drive brand heat, and reduce debt leverage. As such, Needham views VFC as a “compelling turnaround story.”