Nomura Securities on Retailing/Softlines: Retail Recap and Revisions (M, JWN, LTD, KSS, TJX, AEO)

Nomura Securities on Retailing/Softlines: Retail Recap and Revisions

Analyst, Paul Lejuez, said, "The month was mixed, with Macy's (NYSE: M) reporting weak results, and Nordstrom (NYSE: JWN) and Limited (NYSE: LTD) posting strong results. The off-pricers continued their momentum and raised guidance above consensus levels. While no one revised downward, Kohl's (NYSE: KSS) guided toward the low end of its previous range. Based on June sales reports and our takeaways from calls with mgmt, we are raising our estimates for LTD and TJX Cos (NYSE: TJX). We are lowering our estimates for M. American Eagle (NYSE: AEO) and Nordstrom (NYSE: JWN) remain our top picks."

Limited (NYSE: LTD) (Buy $55): 2Q12E EPS from $0.49 to $0.53; F12E EPS from $3.01 to $3.05; F13E EPS from $3.46 to $3.50.

TJX Cos (NYSE: TJX) (Buy $47): 2Q12E EPS from $0.51 to $0.55; F12E EPS from $2.53 to $2.56; F13E EPS from $2.82 to $2.86.

(NYSE: M) (Buy $43): 2Q12E EPS from $0.65 to $0.63; 3Q12E EPS from $0.29 to $0.28; F12E EPS from $3.44 to $3.40; F13E EPS from $4.04 to $4.00

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