Credit Suisse Upgrades Dillard's Inc. (DDS) to Outperform
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Credit Suisse upgraded Dillard's Inc. (NYSE: DDS) from Neutral to Outperform with a price target of $70.00 (from $63.00).
Analyst Michael Exstein commented, "We are upgrading DDS on the company's consistency in capital allocation that stretches over a decade now. At the same time, the company has focused on localization of merchandising and remains the only regional buying structure in the industry. While we do not expect a significant improvement in reported profitability, we believe the company will continue to reduce overall debt and buy back stock, effectively reducing the enterprise value. Our new price target is $70 based on FY2 EV/EBITDA of 4.8x, the lowest valuation in the group (other than SSI) and at the low end of its historic trading range."
Shares of Dillard's Inc. closed at $58.21 yesterday.
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