Nomura Securities on Retailing/Specialty Stores: April Sales Review - M & AEO Top Picks

Nomura Securities on Retailing/Specialty Stores: April Sales Review

Analyst, Paul Lejuez, said, "April was certainly weaker than the last couple of months from a top-line perspective, in part due to weather and the earlier Easter. Still, no company in our coverage group missed earnings for 1Q. Macy's (NYSE: M) & American Eagle (NYSE: AEO) remain our top picks."

Aéropostale (NYSE: ARO) (Neutral): 2012E/2013E EPS from $1.22/$1.59 to $1.42/$1.71; PT from $18 to $20 (~5x F13E EBITDA)

The Gap (NYSE: GPS) (Neutral): 2012E/2013E EPS from $2.06/$2.34 to $2.15/$2.40; PT from $22 to $25 (~5x F13E EBITDA)

Limited (NYSE: LTD) (Buy): 2012E/2013E EPS from $2.96/$3.37 to $3.01/$3.46; PT from $50 to $55 (8.5x F13E EBITDA)

Ross Stores (Nasdaq: ROST) (Buy): 2012E/2013E EPS remain $3.51/$3.98

TJ Cos (NYSE: TJX) (Buy): 2012E/2013E EPS from $2.49/$2.77 to $2.50/$2.77

Wet Seal (Nasdaq: WTSLA) (Neutral): 2012E/2013E EPS from $0.15/$0.16 to $0.11/$0.13

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