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Fly News Breaks for January 29, 2020
Jan 29, 2020 | 07:02 EDT
As previously reported, Gordon Haskett analyst Chuck Grom initiated coverage of Burlington Stores (BURL) with an Accumulate rating and $250 price target. On the space more broadly, Grom anticipates that the market share shift from both department stores and retailers closing doors to the Off-Price Retail vertical will very likely continue over the next few years. In terms of Burlington specifically, he thinks the hiring of CEO Michael O'Sullivan from Ross Stores (ROST) last year "will be a home-run for the organization." He likes the company's ongoing strategy to right-size their store fleet and its goal to expand its home penetration, Grom added.