01:42 PM EDT, 05/21/2024 (MT Newswires) -- VF (VFC) continues to be one of the more "fundamentally challenged" companies post-pandemic, with no evidence of a turnaround emerging at its key brands, especially Vans, Wedbush Securities said Tuesday in a note.

VF is a clothing and footwear company with brands like Timberland and North Face. Vans is a skateboarding shoes brand.

The analysts said that they adjusted their earnings per share forecasts for the fiscal years 2024, 2025 and 2026 to $0.98, $1.15, and $1.46 respectively, compared to previous forecasts of $1.02, $1.46, and $1.82. The forecast for the fiscal year 2025 is below the consensus estimate.

The analysts, including Tom Nikic, said that Vans is the main problem for the company, and there's no sign of improvement in sales. In wholesale, Vans is becoming less popular, and data shows negative trends in direct-to-consumer sales, especially in the US. Both North Face and Vans are experiencing decreased website traffic compared to last year, they added.

Analysts expect Chief Executive Bracken Darrell to either issue a pessimistic outlook, or given the challenges faced in the fiscal year 2024, he might see reasons to believe that the worst is over, and the company can start growing earnings again. VF is scheduled to release its fiscal Q4 results Wednesday.

The firm adjusted VF's price target to $13 from $15.50 with a neutral rating.

Price: 12.26, Change: -0.06, Percent Change: -0.49