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VF Corp is like a "private equity company on steroids," and it has nailed down the process of "identifying, acquiring and building lifestyle brands," ISI's Omar Saad said on Tuesday.
In a note to investors, the analyst said that he expects the company—which operates The North Face, Vans and Timberland brands—to continue adding one or two meaningful acquisitions about every other year. So who's next? Saad listed Lululemon, Puma and Lands' End as potential candidates.
Lululemon and Lands' End's shares both moved higher following the report.
"When VF Corp makes an acquisition, it can almost automatically assume much higher sales and margins over time," Saad wrote, crediting VF's ability to operate more effectively and gain pricing power. For example, VF manufactures as much as 30 percent of its products in-house.
Who Saad said he thinks VF could buy and why:
• Lululemon would be a good fit for both companies because "VF Corp has in spades what Lululemon lacks: aspirational lifestyle brand-building capabilities, deep-rooted product innovation platforms, and a best-in-class, scaled supply chain."
• Lands' End could be used by the company to enter the mid-priced market. Although the brand, which completed its spinoff from Sears last month, was undermanaged and underinvested in for years, its sailing heritage nonetheless gives it a level of authenticity.
Lululemon and Lands' End declined to comment on the note. VF and Puma did not immediately respond to request for comment.
VF last month said that first-quarter revenue rose 6.5 percent to $2.8 billion. The company also raised its full-year revenue and earnings outlook.
On Tuesday, Saad upgraded VF to "buy" from "neutral," assigning it a target price of $75. Shares are currently trading near $63.50, including a 1 percent gain on the day.
—By CNBC's Krystina Gustafson.