Burlington Stores (BURL) PT Raised to $274 at Evercore ISI
Evercore ISI analyst Michael Binetti raised the price target on Burlington Stores (NYSE: BURL) to $274.00 (from $250.00) while maintaining a Outperform rating.
The analyst comments "Looking into the back half, BURL’s guidance looks equally as conservative. Excluding the 53rd week last year, BURL’s 2H24 guidance assumes flat to +2% comp and EBIT margins of just +15bp to +40bp…still below the 1Q and 2Q guidance despite accelerating inventory turns (and better processes to deliver goods closer to need that should continue to foster faster turns/lower markdowns), freight continues to lever, and store growth accelerates. In our view, BURL’s 2Q and 2H24 outlooks are among the most conversative we’ve seen this quarter on paper."