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North Face shares bleed on drag queen ‘come out’ ad

North Face shares bleed on drag queen 'come out' ad

VF Corp (NYSE: VFC), the parent company of popular apparel and footwear brands such as The North Face, Vans, and Timberland, saw its stock price decline significantly this year due to sales pressures, macroeconomic conditions, and dividend reduction. 

Shares of the Denver, Colorado-based company experienced another sharp drop on Wednesday, May 24, after reporting Q4 2023 earnings and revenue that beat analyst estimates, though both metrics declined year-over-year.

Additionally, the latest stock tumble also came just a day after VF Corp was embroiled in controversy for releasing a ‘come out’ pride ad, featuring activist Pattie Gonia. 

Recently, stocks tied to companies like Walt Disney and Bud Light owner faced substantial selling pressure after extreme backlash against their efforts to promote liberal or progressive agendas.

VF Corp stock analysis

In the past month, shares of VF Corp plummeted nearly 20%. During that period, the stock experienced a notable trading range from $18.14 to $23.50.

At press time, VFC was trading at $18.35, down 3.27% in the past 24 hours. 

VFC 1-day price data. Source: Finbold

Year to date, the company lost almost 35% in stock price value, significantly underperforming the broader S&P 500 market index, which gained 7.6% since the start of 2023. 

Analysts slash price targets on VFC

Following the earnings announcement, several analysts slashed their price objectives on VF Corp’s stock.

Financial experts at Telsey Advisory Group trimmed the price target from $36 to $27, while maintaining the outperform rating.

Citigroup analysts lowered the price target on VFC from $22 to $20, reiterating the neutral rating for the stock.

Finally, Wells Fargo also trimmed the price target on the stock from $22 to $20, though the bank’s analyst Ike Boruchov maintained an equal-weight rating. 

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