As previously reported, Wedbush analyst Jen Redding downgraded Dillard's to Underperform from Neutral, with a $65 price target. The analyst cited an increase in first quarter promotions year over year, according to her Promo Tracker, revenue below consensus based on her proprietary Campaign Data Model, coupled with what she views as "unwarranted share price appreciation" of 11% from February 25th to date, which compares to flat performance from the SPSIRE index over the same period. Further, Redding sees shares of Dillard's underperforming the peer group over the next 6 months.