Deutsche Bank Upgrades Dillard's (DDS) to Buy
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Deutsche Bank upgrades Dillard's (NYSE: DDS) from Hold to Buy with a $28 price target, saying Q3 sets a new trajectory.
The firm said, "DDS reported Q3 EPS well above Consensus & our est. driven by much better-than-expected GM & SG&A improvement. Solid initiatives, which up until now have been masked by the deteriorating economy are providing results, as seen in Q3. Based on merchandising & cost control initiatives, improved inventory mgmt and recent op trends, we believe DDS is positioned better than nearly all investors would have anticipated to grow EPS significantly."
The firm Drastically increased estimates. The firm expect Q4:09 EPS to be $1.10, up from $0.17 previously. Their new FY09 EPS est is $0.80 (from -$0.61). Their new FY10 EPS est is $1.25 (from $0.43) and FY11 EPS is $2.01 (from $1.30). Their EBITDA est is $497MM for FY10 & $565MM for FY11.
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