The Vans maker also lifted its full-year guidance
The shares of VF Corp (NYSE:VFC) are up 3.2% at $92.13, fresh off a record high of $92.40. The retailer reported fiscal first-quarter adjusted earnings of 43 cents per share on $160.4 million in revenue, better than analysts were expecting. The maker of Vans shoes also boosted its full-year profit and revenue forecasts.
Today's pop comes amid a post-earnings bear gap for sector peer Skechers, but just echoes VFC stock's longer-term trajectory. Year-over-year, the shares have surged roughly 60% thanks to a handful of sharp bounces off their 120-day moving average. More recently, the equity ricocheted off its 50-day moving average in early July, and is now pacing for its best month since October 2011.
Not surprisingly, most analysts are bullish on VFC. However, with the average 12-month price target of $90.24 a discount to the retail stock's current perch, there's room for more analysts to upwardly revise their outlooks for VF Corp.
Short sellers have room to continue covering their bearish bets, as well. Although short interest plummeted 17.2% in the most recent reporting period -- a move that likely created tailwinds for VFC stock -- it would still take over three days to cover the 6 million shares still sold short, at the equity's average pace of trading.