VF Corp. upgraded to Equal Weight from Underweight at Wells Fargo

Wells Fargo upgraded VF Corp. (VFC) to Equal Weight from Underweight with a price target of $12, down from $18. The firm adjusted ratings in retail cut 2026 earnings estimates well below the Street to reflect current tariff headwinds and assumptions for a mild recession. Both headwinds will begin impacting numbers in the second half of 2025, the analyst tells investors in a research note. Wells says its bear case on VF has largely played out. As one of the biggest laggards in the space year-to-date, the Vans turnaround has been fully pushed out in the minds of investors, while the stock’s risk/reward has become much more balanced, contends the firm.