Jefferies Reiterates Buy on Kohl's Corp. (KSS) Following 2Q and Macy's Announced Closures
- Wall St. rises amid robust GDP data, mixed earnings
- ExxonMobil (XOM) Tops Q3 EPS by 5c; CapEx Light of Views
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- AbbVie (ABBV) Tops Q3 EPS by 1c; Boosts FY16 EPS Outlook
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Jefferies reiterated a Buy rating on Kohl's (NYSE: KSS), and raised the price target to $51.00 (from $47.00), following the company's 2Q earnings report and Macy's closure announcements. Macy's announced plans to close about 100 stores. This could have a positive effect on KSS comp store sales. In the last round of closures, KSS picked up about $500K in annual sales per closed Macy’s store. Kohl’s updated FY17 guidance to a new range of $3.80-$4.00 down from $4.05-$4.25 (Street was already at the low end of the new range).
Analyst Daniel Binder commented, "Q2 saw a nice acceleration in units per transaction, suggesting newer product is resonating with customers. Now we need to see the traffic improvements, which could follow. New guidance for FY17 rebases to recent sales trends with reasonable GM% and SG&A assumptions. Macy’s announced 100 store closures for early 2017 which could benefit neighboring KSS stores. It may even open up vendor opportunities for those seeking more doors."
Shares of Kohl's closed at $44.19 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Oppenheimer Raises Price Target on Cirrus Logic, Inc. (CRUS); Reiterates Outperform
- Cirrus Logic (CRUS) PT Raised to $65 at Needham & Company
- Jefferies Upgrades AK Steel (AKS) to Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!