Retail Research


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Title Tickers Date Pages
COST: Costco Wholesale - May Core SSS +9.7% . . . Issaquah Appears Be Back as March/April Headwinds Abating Quickly; Laterals for BJ + “Backyard” Stocks COST 2020-06-03 4
LOW: Lowe's - Upgrade to Buy-Rated = Inviting Marvin & Team to the Backyard Party, New Price Target Set at $151 LOW 2020-06-02 8
RH: RH - Gotta Know When to Fold ‘em = Upgrade to Hold-Rated w/Sales + Margins Clearly Holding in Better-than-Expected; PT to $220 RH 2020-06-02 4
Tracking the Consumer & COVID-19 (Week #12) - ~59% of Stimulus Spent Thus Far While Aversion to Public Areas Remains in Tight Holding Pattern, But Improves From Mid-May 2020-05-31 13
DG, DLTR, BURL, COST, WSM, JWN - Model Update Post Prints: The General + Williams Sonoma Winners Today . . . While Burlington & Costco Positioned Well For Tomorrow 2020-05-29 10
WSM, COST, & JWN - Drive By Thoughts Post Prints: Sonoma Remarkable + Costco Headwinds Yesterday’s News + Nordstrom (+/-) 2020-05-28 7
DG, DLTR, & BURL - Drive By Thoughts Post 1Q Prints: General Delivers + Tree Will Revitalize FDO Recovery Thesis + BURL Inventory Impressive 2020-05-28 7
Web Traffic Data Update (5/26) - Essentials Slow . . . But Stay Elevated YOY; Wayfair Up ~120% YOY; TSCO Leads Home Improvement MTD Followed by HD then LOW 2020-05-27 3
TSCO: Tractor Supply Company - Dirt Roads, Sunsets, & PBR’s – The Year of the Backyard Continues; Raising Estimates, PT to $130 . . . Management Call Back Notes TSCO 2020-05-26 5
Apple Mobility Trends/INRIX Data (5/26) - The Recovery Rolls On . . . U.S. Traffic +46.8% in May w/22 States Above Pre-COVID Levels; Off-Price Catch-Up Trade Still Has Legs 2020-05-26 6
Broadlines & Hardlines Retail - Top 10 Observations, Laterals, & Takes from Wave 2 of Retail EPS . . TJX Commentary on Traffic Recovery in May a Positive Signal 2020-05-22 5
ROST: Ross Stores, Inc. - Sobering Call . . .But SSS Recovery Should Mirror TJX > KSS, M, DDS; Lowering 2Q Views . . . But Keeping 2021/2022 Outlook Intact ROST 2020-05-21 6
TJX: TJX Companies Inc - Maybe That "Valley" Might Not Be So Deep? Top Pick with Great Multi-Year Risk/Reward . . . Price Target to $70 TJX 2020-05-21 6
BJ: BJ's Wholesale Club, Inc. - Dollar General 2.0? We Think So . . . Break-Out to $40 Likely After Stellar 1Q Print = Remain Buy-Rated Accordingly BJ 2020-05-21 6
M: Macy's - Fireside Chat – 9 Takeaways M 2020-05-21 6
M: Macy's - 3 Takes From 1Q20 Update: Sales Recovery Better Than Initial 15-20% Expectation . . But Seems Below Pace Outlined by KSS and DDS M 2020-05-21 3
LOW: Lowe's - Captain Marvin to the Rescue – Very Solid Print, Adjusting Estimates and Moving Price Target up to $110, Management C/B Notes LOW 2020-05-20 6
TGT: Target - Barbell Stock in a Barbell World . . . Raising Our ‘20/’21 EPS Estimates & Price Target to $145, Management Call Back Takes TGT 2020-05-20 6
Target & Lowe's - Strange Days Indeed . . . LOW > HD and TGT > WMT ---> Can That Continue? Quick Takes Post 1Q Prints 2020-05-20 6
HD: Home Depot - Solid 1Q Performance . . . But Still Too Early To Gauge Post COVID Demand, Particularly on PRO Front; Management Call Back Notes HD 2020-05-19 6

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