1326 ET - Kontoor Brands' strong 3Q underscores improving momentum, UBS analysts say in a research note. The lifestyle-apparel company, whose portfolio of brands includes Lee and Wrangler, continues to strengthen its position as one of the leading denim players. Overall, the company has attractive long-term growth potential across other categories and regions, and it's in a good place to achieve further Ebit margin expansion opportunities to drive earnings-per-share growth over time. UBS reduces its FY24 sales growth estimate 60 basis points to flat due to tough dynamics in China, but increases its FY24 EPS estimates by 1%, and its FY25 and FY26 growth forecasts in the mid-to-single-digit range. UBS also raises its target price to $110 from $103 a share previously. Kontoor Brands sinks 4.5%. (sabela.ojea@wsj.com; @sabelaojeaguix)
(END) Dow Jones Newswires
November 01, 2024 13:26 ET (17:26 GMT)
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