Jeans-Maker Kontoor Jumps on Goldman Upgrade as Negativity Already Priced In
Investing.com
Published Jul 27, 2020 10:41AM ET
By Christiana Sciaudone
Investing.com - Kontoor Brands (NYSE:KTB) jumped after Goldman Sachs (NYSE:GS) upgraded the stock
The maker of Lee and Wrangler jeans is up 11% after Goldman boosted shares to a buy from sell, Seeking Alpha reported. Negative catalysts, including weaker earnings estimate revisions and a cut in the dividend, have already been priced into the stock.
Shares are down by half since the start of the year, trading at close to $20 on Monday.
"With a stronger-performing wholesale partner network, new distribution on the horizon, and an owned supply chain providing flexibility to fulfill just-in-time orders, we see KTB as best positioned relative to apparel wholesale peers to navigate the marketplace into 2H20," Seeking Alpha said, citing analyst Alexandra Walvis.
The company is scheduled to release earnings Aug. 6.
Kontoor has three buy ratings, two holds and three sells, according to analysts tracked by Investing.com, and an average price target of $25.17.
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