UBS on U.S. Department Stores; Trimming Number on KSS, M, SKS, & JCP; JWN Remains Top Pick

July 2, 2012 10:32 AM EDT Send to a Friend
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UBS on U.S. Department Stores; Trimming Number on KSS, M, SKS, & JCP

Analyst, Michael Binetti, has lowered June same-store sales for some department stores including Kohl's (NYSE: KSS) from +1% to -4%, Macy's (NYSE: M) from +3% to +2%, Saks (NYSE: SKS) from +6% to +5%, JCPenney (NYSE: JCP) from -15% to $18.5%. Also on JCP, Binetti lowers FY12 EPS estimate from $1.51 to $1.04 and price target from $29 to $24.

For Nordstrom (NYSE: JWN), Binetti maintains June same-store sales at +6%, saying he believes the company has the best top line trajectory and upside for 2012-13. JWN remains a Top Pick.


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