NEW YORK (TheStreet) -- UBS has lowered its price target on VF Corp (VFC - Get Report) after earnings came in lower than expected. The investment firm has given the owner of Vans and North Face a price target of $64 from $69, but reiterated a "buy" rating.
"VFC's stock pullback is due to 1) a 4Q EPS miss despite favorable conditions for winter brands; 2) valuation (currently 18.1x fwd EPS vs. 15.2x 3-yr avg); and 3) concerns that rev guidance is not conservative (after missing rev guidance 5 quarters in a row)," wrote analyst Michael Binetti in the report.
As such, UBS has trimmed its 2014 EPS to $3.10 from $3.17, "largely due to slower revs in 1H amid ongoing unfavorable weather."
- You can view the full analysis from the report here: VFC Ratings Report