Cowen reiterated an Outperform rating and $65.00 price target on Burlington Stores (NYSE: BURL) following the company's 3Q earnings report and guidance. Adjusted EPS of $0.25 beat consensus estimates of $0.23, driven by better than expected expense control despite a wage hike and reduced incentive compensation which offset lower than expected gross margin. Management initiated 4Q sales and EPS guidance below consensus expectations, which Cowen says reflects "prudent conservatism".

Analyst John Kernan commented, "BURL's Q4 SSS guide is likely conservative and management feels comfortable with consensus expectations into 2016 which imply 2% to 3% SSS growth and mid-teens EPS growth. We reiterate our $65 price target which equates to 11x FY16E EV/EBITDA. Comps should accelerate in Q1 following last year's later Easter and BURL's product missteps heading into that Easter weekend."

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Shares of Burlington Stores closed at $44.21 yesterday.