Retail Research


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Title Tickers Date
W: Wayfair - Narrative Changing . . . But Staying Disciplined Given YTD Move, Post 4Q Takes; Raising PT to $140 W 2019-02-22
SFM: Sprouts Farmers Markets - Market More Forgiving Than We Would Be . . . Lowering Estimates & Price Target to $23 Post Guide Down SFM 2019-02-21
FND: Floor & Decor Holdings - Relief Rally as Gross Profit Margin Concerns Alleviated . . . Post 4Q Takes; Stay Hold-Rated . . . But Tweaking PT to $35 FND 2019-02-21
KSS: Kohl's - Reading The 4Q Print + FY19 Set-Up = Good Story with a Good Set-Up . . . Once We Get Past M/JCP/JWN Prints Next Week KSS 2019-02-20
JCP: J.C. Penney - Reading The 4Q18 Print + FY19 Setup = Inflection in Narrative as Focus Tilts to GPM/EBITDA > SSS in ’19; Raising PT to $1.50 JCP 2019-02-20
JWN: Nordstrom - Reading the 4Q Print + FY19 Outlook = Expect ’19 Guide to Fall Below the Street + 2022 LT Guidance in Question, Stay Hold-Rated JWN 2019-02-20
M: Macy's - Reading the 4Q Print + FY19 Set-Up = Conservative Guide + Cost Savings Announcement Likely . . . But Not Enough to Re-Engage M 2019-02-20
WMT: Walmart - 4Q Yields Some Answers + Some Questions Too = Staying Sidelined as Margin Outlook Remains Opaque; Management Call Back Notes WMT 2019-02-19
LOW: Lowe's - Reading The 4Q Print + FY19 Set-Up = Expecting Few Surprises vs. AD Guidance . . . Staying Hold-Rated, Prefer HD Housing Backdrop LOW 2019-02-18
HD: Home Depot - Reading The 4Q18 Print + FY19 Setup = Staying Buy-Rated and Boosting Price Target to $215. HD Maintains “Coffee Can” Status HD 2019-02-18
December ’18 Retail Sales Recap - Big Slowdown in Important Month = +1.4% YOY vs. 5.0% 12-Month MA – Furniture, Grocery, Dept Stores, & Digital Show Big Pullbacks 2019-02-14
WMT: Walmart - Reading The 4Q Print + FY19 Set-Up = Expecting Solid 4Q Results + Clarity on Flipkart Situation, Staying Hold-Rated on Valuation WMT 2019-02-12
W: Wayfair - Reading The 4Q Print + FY19 Setup = Card Data Suggests 4Q DR Growth @ 34%-37% Guide; Street EBITDA for ‘19/’20 Still Too High W 2019-02-12
BJ: BJ's Wholesale Club, Inc. - Shelf Filing Gives Shareholders Flexibility in Case of a Government Shutdown BJ 2019-02-11
SFM: Sprouts Farmers Markets - Reading The 4Q Print + FY19 Set-Up = Staying Hold-Rated, Raising Price Target to $25 as We Roll to 2020 SFM 2019-02-11
FND: Floor & Decor Holdings - Reading The 4Q Print + FY19 Set-Up = Downgrading to Hold Post YTD Lift in Stock . . . Coupled with Micro/Macro Uncertainties FND 2019-02-11
January 2019 Macro Survey - Consumers Enter 2019 With More Optimism vs. December, Setting the Stage for Potentially Strong 1Q Sales 2019-02-07
JCP: J.C. Penney - Decision to Exit Appliances & Furniture – Astute Move by New CEO Jill Soltau; Management Call Back Notes + Math on ’18 Margins JCP 2019-02-07
COST: Costco Wholesale - January Core SSS +7.4% > 6.0% Forecast; Stacks Accelerate Sequentially, Management Call Back Notes COST 2019-02-06
COST: Costco Wholesale - January SSS Pre-Game = Modeling 6.0% Core SSS; Chinese New Year Helps . . . While Polar Vortex Hurts COST 2019-02-05

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