Stifel Lifts PT on Kohl's (KSS) to $50 Following Strong Q2 Performance

August 11, 2016 3:51 PM EDT
Get Alerts KSS Hot Sheet
Price: $40.53 +0.75%

Rating Summary:
    8 Buy, 14 Hold, 5 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Stifel boosts its price target on Buy-rated Kohl's (NYSE: KSS) from $45 to $50 following Q2 results.

Analyst Richard Jaffe commented, Given the better than anticipated quarter and apparent strength heading into 3Q, we are buyers of KSS. Kohl’s is a provider of high quality and nationally recognized fashion brands for the family at prices representing excellent value, situated in convenient (85% of US consumers live within 8 miles of a Kohl’s), low-cost real estate nation-wide. We are optimistic for 2H16 improvement driven by: better merchandising and brands, tightly managed inventory levels which should help limit margin pressure, continued strength and increased sales from the updated loyalty program and an improved shopping experience (better stores/technology advancements/improvement in omnichannel). Seasonable weather in 2H and the absence of El Niño would be an added plus. We reiterate our Buy rating given the current valuation, which we view as attractive (on a P/E basis, the stock is currently trading at a modest discount to the two-year average of the out-year consensus multiple, 11x vs. 11.7x) and because of its high yield (4.5%) and what we believe to be a sustainable dividend.

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