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Fly News Breaks for September 17, 2019
Sep 17, 2019 | 05:40 EDT
UBS analyst Jay Sole upgraded Burlington Stores to Neutral from Sell and raised his price target for the shares to $200 from $121. Tariffs are likely a net positive for Burlington, and the company accelerated its rate of share gain versus department stores in Q2, reversing a trend which had persisted for over a year, Sole tells investors in a research note. The analyst, who raised his fiscal 2019 and 2020 earnings by estimates 7% and 23%, respectively, expects Burlington's price-to-earnings ratio to remain in the mid-to-high 20 times range.