VFC VF Corporation

V.F. Corporation's (VFC) fourth-quarter 2010 earnings of $1.78 per share outpaced the Zacks Consensus Estimate, and jumped almost 10% from the prior-year quarter on the heels of robust sales across all brands and improved margins. We believe the acquisition of Rock and Republic will allow V.F. Corp. to compete in the premium-denim space dominated by Los Angeles designers.

Furthermore, the company's capital strength allows it to sustain its focus on international expansion, increasing direct-to-consumer business, and investments in key brands going forward. In addition, V.F. Corp. expects full-year 2011 earnings in the range of $7.00 to $7.10 per share.

Currently, we are maintaining a long-term Outperform rating on the stock. Our target price of $108.00, 15.3x 2011 EPS, reflects this view.
 
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