Burlington Stores (BURL) Est., Valuation Range Lifted at Wells Fargo Following Strong Qtr.
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Wells Fargo analyst Ike Boruchow reiterated an Outperform rating while raising his estimates and valuation range on Burlington Stores (NYSE: BURL) to $88-$90 following an "extremely impressive Q2."
Boruchow commented, "BURL delivered an extremely impressive Q2 – on both an absolute and relative basis. Specifically, both comps and EPS came in well ahead of their July 18th pre-announcement (which was also above guidance), while margins/inventory continue to trend in the right direction as well (GMs +50bps with comp store inventory -7%). All in, BURL nearly doubled their initial Q2 EPS outlook, while and top and bottom-line trends have picked up for a 2nd straight quarter. On a relative basis, BURL is back to being the strongest off-pricer on the block – as their +5.4% comp came in ahead of larger peers ROST/TJX (who both comped +4% in Q2), marking the first time over 12 months that dynamic has taken place. We believe the off-price sector remains ripe for outperformance, and BURL continues to be the best way to play the rising tide (given their “underearning” productivity/margin profile). We are raising estimates to $2.96/$3.56 (from $2.88/$3.52) and valuation range to $88-$90 (from $76-$78)."
Shares of Burlington Stores closed at $78.50 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesWells Fargo, Ike Boruchow
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