UPDATE: Morgan Stanley Downgrades Kohl's (KSS) to Underweight, Valuation High Relative to Macy's (M)

March 19, 2013 6:58 AM EDT
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Price: $40.79 --0%

Rating Summary:
    8 Buy, 15 Hold, 4 Sell

Rating Trend: Down Down

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    Up: 0 | Down: 0 | New: 0
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(Updated - March 19, 2013 12:03 PM EDT)

Morgan Stanley today downgraded Kohl's (NYSE: KSS) from Equalweight to Underweight with a price target of $42. Analyst Kimberly C Greenberger pointed out that shares of Kohl's trade at a 6 percent premium relative to Macy's (NYSE: M) using 2013 P/E.

"Valuation looks high," said Greenberger, "and likely negative EPS revision catalysts carry added downside risk."

Morgan Stanley is cautious on macros and anticipates negative 2013 Softline retail traffic. This is in part related to higher payroll taxes.

For an analyst ratings summary and ratings history on Kohl's (NYSE: KSS) click here. For more ratings news on Kohl's click here.

Shares of Kohl's closed at $48.54 yesterday.

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