📈 Will you get serious about investing in 2025? Take the first step with 50% off InvestingProClaim Offer

Jeans-Maker Kontoor Jumps on Goldman Upgrade as Negativity Already Priced In

Published 07/27/2020, 10:41 AM
Updated 07/27/2020, 10:42 AM
© Reuters.
GS
-
KTB
-

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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.