Jefferies Raises Price Target on Kohl's Corp. (KSS) to $57
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Jefferies reiterated a Buy rating on Kohl's Corp. (NYSE: KSS), and raised the price target to $57.00 (from $50.00), following the company's 3Q earnings report. Adjusted EPS came in at $0.80, well ahead of Street at $0.70. FY17 adjusted EPS guidance for $3.80 to $4.00 was maintained.
Analyst Daniel Binder commented, "Although warmer weather led to soft sales in Q3, trends improved in recent weeks against easier comparisons LY. With inventory well managed (down 10%), more favorable weather expected y-y and easy margin comparisons in Q4, we could see potential upside from current estimates. Sales comparisons will get more difficult during the core holiday selling period (+4%), so we are starting the fourth quarter off with conservative estimates."
Shares of Kohl's closed at $50.97 yesterday.
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