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UPDATE: JPMorgan Upgrades Dillard's Inc. (DDS) to Neutral Following Mgmt Meeting

August 15, 2022 5:43 AM EDT
Get Alerts DDS Hot Sheet
Price: $262.44 -2.23%

Rating Summary:
    3 Buy, 6 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 11 | New: 34
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(Updated - August 15, 2022 5:43 AM EDT)

JPMorgan analyst Matthew R. Boss upgraded Dillard's Inc. (NYSE: DDS) from Underweight to Neutral with a price target of $298.00 (from $210.00).

The analyst comments "Mgmt Follow-Up Takes & Model Implications - Upgrade DDS to Neutral & Raise PT to $298. We are upgrading DDS to Neutral and raising our Dec ’22 PT to $298 based on 5.2x EBITDA (= DDS 3-year/5-year pre-pandemic average) or 8x our 2023 EPS, in line with our current “Distressed Retail” current average. Digging deeper, nearterm our FY22 EPS of $44.78 (> Consensus at $35.71) embeds 2H22 EPS of $21.72, which conservatively stands 5% below DDS’ 1H22 reported EPS despite ~60% historical EPS seasonality in 2H with our FY23 EBIT margin of 11% 880bps above FY19 and 500bps above the aforementioned distressed retail average."

For an analyst ratings summary and ratings history on Dillard's Inc. click here. For more ratings news on Dillard's Inc. click here.

Shares of Dillard's Inc. closed at $301.60 yesterday.


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