Wells Fargo analyst Ike Boruchow remains bullish on Carter's after the Wall Street Journal reported last week that Toys R Us is evaluating bids to liquidate all of its U.S. stores. The analyst estimates the net negative impact to Carter's could be 15c-20c, or 2-3% of fiscal year earnings per share. On the positive side, the analyst points out that management is taking a "much more prudent approach" to their real estate strategy with a new plan to close around 120 legacy doors over the next several years. Boruchow sees 10c of earnings per share upside from retail closures and 65c from new store openings over the next five years, leading to 75c of earnings contribution from real estate over the next five years. He keeps an Outperform rating on Carter's with a $145 price target.