Retail Research


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Title Tickers Date
Online Grocery Delivery - Survey & Digital Traffic Work Supports Higher Adoption Rates = Likely To Help SSS @ Walmart & Target Well into 2020 2019-06-12
May 2019 Macro Survey - Blocking Out The “Noise” – Consumer Outlook Mixed; Trade-War Rhetoric Making Consumers Think Twice 2019-06-10
WMT: Walmart - ALERT ( 5 Takes From Shareholder Meeting in Bentonville, Remain Accumulate-Rated as WMT Gets Ready to Break Out WMT 2019-06-07
HOME: At Home Group - No Guts, No Glory . . . Upgrade to Accumulate from Hold Post ~60% Air Pocket, 4:1 Upside/Downside Scenario HOME 2019-06-07
FIVE: Five Below - Management Call Back Alleviates Concerns on 2Q Guide & $5+ “Proof of Concept” Rollout; Underlying Drivers Intact . . . Post 1Q FIVE 2019-06-05
COST: Costco Wholesale - May Flowers without April Showers = 4.3% SSS in May, Slight Decel on Stacks . . . But Solid Print from Issaquah COST 2019-06-05
RH: RH - Bobbin’ & Weavin’ . . . Upgrading to Hold from Reduce As Stock Falls Below $88 Price Target RH 2019-06-04
COST: Costco Wholesale - May SSS Pre-Game = Expecting a Solid Month . . . Modeling a Core SSS of 4.5% + Gas Margins Improve (+ for 4Q19) + MVM Watch COST 2019-06-04
FIVE: Five Below - Reading The 1Q Print = Buyers Into Print as ‘19/’20 Self Help Drivers > 2QTD Choppiness . . . Price Target Remains $155 FIVE 2019-06-03
WSM: Williams-Sonoma - Hard To Underwrite Continued Gains In This Macro Backdrop, But Impressive 1Q Print + Bear Case Extremely Stale WSM 2019-05-31
COST: Costco Wholesale - $0.08 Beat + Good Core/Core GPM + Solid RR's = Is It Enough? We Think So . . . COST 2019-05-30
DG: Dollar General - A Self-Help Story with High Terminal Value – Raising PT to $140 as Goodlettsville Continues to Dominate + Mgmt. Call-Back Notes DG 2019-05-30
DLTR: Dollar Tree - Mr. Misunderstood . . . Post 1Q Takes & Management Call Back Notes DLTR 2019-05-30
DLTR: Dollar Tree - Reading The 1Q Print: ~12.0% Pullback + Well Advertised FDO Concerns = Reasonable Set-Up & Therefore Buyers Ahead DLTR 2019-05-29
DG: Dollar General - 1Q19 Reading the Print = Sticking with The General as We Tilt Towards High Terminal Value Names DG 2019-05-29
COST: Costco Wholesale - Can We Take the Summer Off & See Other People? Downgrading to Hold = High Terminal Value . . . But R/R NT Not Compelling COST 2019-05-29
SFM: Sprouts Farmers Markets - 8 Key Takes From CC With Interim Co-CEO & CFO Brad Lukow – We Remain Reduce-Rated On NT SSS Concerns, LT Margins, & Valuation SFM 2019-05-28
BJ: BJ's Wholesale Club, Inc. - Old Town Road . . . 1Q Review & Management Call Back Notes, Stay Buy-Rated/$30 PT BJ 2019-05-23
Target & Lowe’s - Model Update Post 1Q Prints = Raising Estimates for TGT & Lowering Estimates for LOW 2019-05-22
LOW: Lowe's - Turnarounds Are Never Linear; Quick Take on 1Q Print = SSS 3.5% (+) . . . But GPM + Inventory (-); HD > LOW LOW 2019-05-22

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