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SHLD

Sears

$0.00

(0.00%)

, JCP

J.C. Penney

$1.20

-0.08 (-6.25%)

07:48
01/09/19
01/09
07:48
01/09/19
07:48

J.C. Penney looks best positioned to gain share from Sears, says Credit Suisse

Looking at potential near-term same-store sales lift Softlines Retail peers could see from share gains based on proximity to Sears (SHLD) stores amid a possible liquidation, Credit Suisse analyst Michael Binetti says J.C. Penney (JCP) and Burlington Stores (BURL) seem best positioned to gain share in 2019 due to close proximity. And while J.C. Penney looks best positioned to gain share from Sears, the analyst thinks the recent stock run-up is "a short-term bounce." Binetti does not see this as sustainable customer acquisition for J.C. Penney given the increased risk of closing destabilized malls, limited visibility to an improved merchandise strategy, and leverage constraints to growth investing. Overall, the analyst believes that while there may be some near-term share benefit, a Sears liquidation could be a bigger tipping point that will accelerate closures of already weakening U.S. C&D malls.

SHLD

Sears

$0.00

(0.00%)

JCP

J.C. Penney

$1.20

-0.08 (-6.25%)

BURL

Burlington Stores

$166.39

-0.51 (-0.31%)

SHLD Sears
$0.00

(0.00%)

10/17/18
FBCO
10/17/18
NO CHANGE
Target $125
FBCO
Outperform
Whirlpool price target lowered to $125 from $175 at Credit Suisse
Credit Suisse analyst Susan Maklari lowered her price target for Whirlpool (WHR) to $125 from $175 to reflect continued pressures from inflation and reduced overhead leverage. While international challenges continue to drag on results, pricing in North America could help provide a necessary offset, she contends. The analyst notes that Sears' (SHLD) Chapter 11 filing should result in few changes in long-term appliance trends, though there could be some near-term choppiness as 142 additional stores are closed and liquidated. Maklari reiterates an Outperform rating on Whirlpool shares.
10/16/18
LOOP
10/16/18
NO CHANGE
Target $88
LOOP
Buy
Best Buy to be major beneficiary of likely Sears liquidation, says Loop Capital
Loop Capital analyst Anthony Chukumba kept his Buy rating and $88 price target on Best Buy (BBY) after Sears Holdings (SHLD) declared bankruptcy over the weekend, saying it should be a "major beneficiary" from the latter's eventual "likely" liquidation. The analyst estimates the liquidation could add as much as 47c or 8.5% accretion to Best Buy FY19 EPS, with the company picking up a "fair share" on the consumer electronics side of the business as the "last man standing" in terms of dedicated national brick-and-mortar retailers.
10/12/18
MKMP
10/12/18
NO CHANGE
Target $31
MKMP
Neutral
L Brands visibility remains low despite better Sept comps, says MKM Partners
MKM Partners analyst Roxanne Meyer kept her Neutral rating and $31 price target on L Brands (LB), saying that while the company reported better than expected same store sales in September and its Victoria's Secret brand comps turned positive, its visibility remains low. The analyst lists potential catalysts for L Brands being a "strong performance of pajamas in Q4 and the reintroduction of swimwear" at VS, but also points to her "newest concern" being the likelihood of a Sears (SHLD) liquidation, which would then reduce traffic at malls where the company also has retail presence.
10/12/18
MSCO
10/12/18
NO CHANGE
Target $1.5
MSCO
Equal Weight
Morgan Stanley sees near-term pressure, long-term gain for Penney if Sears folds
Amid recent headlines regarding Sears (SHLD) adding a restructuring expert and reportedly pursuing a bankruptcy filing, Morgan Stanley analyst Kimberly Greenberger noted that she believes J.C. Penney (JCP) had the highest store overlap with Sears, K-Mart, and Sears Specialty Stores within both a quarter mile and half mile radius. If Sears closes additional stores or engages in liquidation sales, retailers in the close trade areas could experience some short-term pressure, said Greenberger, who added that Sears has already been closing stores for years. In the medium to long-term, she expects J.C. Penney and other retailers in the respective trade areas to potentially benefit from these closures. Greenberger, who views Penney's near-term debt maturities as "manageable," keeps an Equal Weight rating and $1.50 price target on the shares.
JCP J.C. Penney
$1.20

-0.08 (-6.25%)

11/16/18
ARGS
11/16/18
DOWNGRADE
ARGS
Sell
J.C. Penney downgraded to Sell from Hold at Argus
11/16/18
ARGS
11/16/18
DOWNGRADE
ARGS
Sell
J.C. Penney downgraded to Sell from Hold at Argus
Argus analyst John Eade downgraded J.C. Penney to Sell, anticipating continued losses for the stock for the next two years while also warning that at a current share price below $2, the company is operating with a more elevated risk. The analyst states that while J.C Penney has made efforts to "restructure its merchandise assortment, close underperforming stores, and bolster its Omnichannel business, its operating results continue to deteriorate." Eade cites the company's margin deterioration coming from store closings, poor inventory management, and "steep discounting" intended to clear excess inventory. The analyst also sees J.C. Penney operating against "intense" competition from a wide range of retailers and suffering from weak mall traffic, while also facing a very expensive "arms race" to improve e-commerce capabilities.
11/16/18
11/16/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Home Depot (HD) downgraded to Neutral from Buy at BofA/Merrill with analyst Elizabeth Suzuki saying peak growth has passed. 2. J.C. Penney (JCP) downgraded to Sell from Hold at Argus with analyst John Eade saying he anticipates continued losses for the stock for the next two years while also warning that at a current share price below $2, the company is operating with a more elevated risk. 3. Nvidia (NVDA) was downgraded to Neutral from Buy at B. Riley FBR and to Buy from Conviction Buy at Goldman Sachs. 4. Michael Kors (KORS) downgraded to Perform from Outperform at Oppenheimer with analyst Brian Nagel saying he is "concerned" that ongoing challenges with inventory management and replenishment at the company's namesake brand and softness within fashion watches will weigh on top-line trends and potentially margins, just as management begins the integration of Versace. 5. TSMC (TSM) was downgraded to Equal Weight from Overweight at Morgan Stanley while UMC (UMC) was downgraded to Underweight from Equal Weight. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
BURL Burlington Stores
$166.39

-0.51 (-0.31%)

01/04/19
WEDB
01/04/19
NO CHANGE
Target $155
WEDB
Neutral
Burlington Stores price target cut to $155 from $175 at Wedbush
Wedbush analyst Jen Redding maintained a Neutral rating on Burlington Stores and cut her price target to $155 after updating her financial model per mid-Q4 proprietary Campaign Data, which forecasts a current gross margin run rate of 42.17% vs. the 42.35% consensus. Redding tells investors in a research note that while she views shares of U.S.-focused retailers like Burlington as good options in a year of a strong dollar, she sees shares as near fair-price in the near-term absent any new fundamental and/or catalyst.
12/28/18
LOOP
12/28/18
NO CHANGE
Target $185
LOOP
Buy
Burlington Stores price target raised to $185 from $180 at Loop Capital
Loop Capital analyst Laura Champine raised her price target on Burlington Stores to $185 and kept her Buy rating, saying she expects the company's earnings momentum to continue amid market share gains of the off-price sector from department stores and specialty retailers. The analyst notes that she is also "increasingly confident" that Burlington Stores can meet her targets for Q4, adding that its "new and remodeled brand-standard stores" can improve the overall chain's performance. Champine further cites the company's ability to carry a wide assortment of toys, avoiding a seasonal "fire sale" of toy inventory in January.
11/29/18
MKMP
11/29/18
NO CHANGE
Target $189
MKMP
Buy
Burlington Stores price target raised to $189 from $174 at MKM Partners
MKM Partners analyst Roxanne Meyer raised her price target on Burlington Stores to $189 and kept her Buy rating after its "strong" Q3 earnings beat, 4.4% rise in comps, and a 21% increase in EBITDA. The analyst warns that annualized compares "toughen" in Q4, but believes that the company can remain among the top performers for holiday in terms of both fundamentals and stock performance. Meyer adds that Burlington Stores could be "the biggest beneficiaries from the ToysRus bankruptcy", which she sees as being further validated by the toys and baby categories being "called out as longer-term growth opportunities" and signaling that the holiday momentum is already building.
11/29/18
FBCO
11/29/18
NO CHANGE
Target $190
FBCO
Outperform
Burlington Stores price target raised to $190 from $178 at Credit Suisse
Credit Suisse analyst Michael Binetti raised his price target for Burlington Stores to $190 from $178 on a "high quality" Q3 beat and as it sets up for a relative EPS acceleration story in 2019. The analyst reiterates an Outperform rating on the shares.

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Xperi

$23.18

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ROG

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GDOT

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SITC

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A

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GDOT

Green Dot

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