Oppenheimer Remains Bullish on Carter's (CRI) Following Recent Sell-Off
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Oppenheimer reiterated an Outperform rating and $115.00 price target on Carter's (NYSE: CRI) following the company's recent sell-off.
Analyst Anna Andreeva commented, "CRI has been a big laggard (down 14% since pre-2Q16 print on 7/27, group down 5%), with 3-4 multiple points shaved off, while EPS outlook hasn't really changed ('16E EPS tweaked down by few pennies to low end, we maintained '17E). Reasons for underperformance, in our view: 1) concerns over negative wholesale trends for Spring '17 and potentially beyond (M door closures, some of department stores beefing up exclusive/private-label assortment); 2) foreign tourism dynamics not improving (within annual guide, CRI still expects "less bad" international demand in 2H16). We think the stock is pricing in haircut to estimates already; model has cushions (lower AUC/ better AUR realization, share buyback), with longer term algorithm still same ($7+ EPS power by 2020, 7-8% CAGR)."
Shares of Carter's closed at $97.19 yesterday.
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