Retail Research


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Title Tickers Date
TGT: Target - Checking Boxes, Valuation Gap with WMT Too Wide, Stay Buy-Rated Post Great 1Q Print TGT 2019-05-22
JWN: Nordstrom - Trouble in Seattle, Stay Reduce-Rated as Full Line Issues Persist, Lowering EPS Estimates & PT to $32 JWN 2019-05-21
KSS: Kohl's - When It’s 42 Degrees in Milwaukee . . . in Early May!! Tough 1Q Print, Tough FY19 Guide . . . Call Back Notes from CEO & CFO KSS 2019-05-21
JCP: J.C. Penney - There Are No Silver Bullets; Post 1Q Notes; Lowering Estimates & Price Target to $1.25 JCP 2019-05-21
HD: Home Depot - HD's Print is Telling Us Something Today . . . Quick Thoughts Post 1Q EPS, Stay Buy-Rated HD 2019-05-21
M: Macy's - Model Update & Drive-By Bull/Bear Recap = Tweaking FY18/19 Estimates A Bit Higher . . . But Price Target Stays at $24, Hold-Rated M 2019-05-20
BJ: BJ's Wholesale Club, Inc. - Reading the 1Q Print: We See 1.5% SSS and Modest EPS Beat = Reiterate Buy-Rating & $30 Price Target BJ 2019-05-17
WMT: Walmart - Upgrading to Accumulate-Rated, Betting on Bentonville To Show Continued GPM/EBIT Gains in the U.S.; PT Set at $115 WMT 2019-05-17
TSCO: Tractor Supply Company - Beer Never Broke My Heart . . . 2019 Analyst Day Notes – Stay Buy Rated with $115 PT TSCO 2019-05-15
April '19 Retail Sales Recap (Easter Shift + Weather Help Drive 5.0% Headline Growth in April) 2019-05-15
M: Macy's - The Good (SSS +0.6%) + The Bad (Inventory Heavy) = Quick Take on 1Q Print M 2019-05-15
RH: RH - Downgrade to Reduce/$88 Price Target; Too Many Red Flags as We Take the “Under” on 2019/2020 Sales Front RH 2019-05-13
Low & Middle Market Pricing Study - DG Prices On Par w/Bentonville; Significant Basket Inflation with Prices Up 3.6% YOY at WMT/TGT – Positive for Ticket in 2Q-4Q19 2019-05-13
TSCO: Tractor Supply Company - Analyst Day Pre-Game, 2Q19 Card Data Update, & 10 Questions for Management; Reiterate Buy Rating/$115 PT TSCO 2019-05-10
April 2019 Macro Survey - Consumer Sentiment Improves Materially…. Both NT + Expectations. But Big Ticket Spend Mixed (Home Improve > Furniture) 2019-05-09
COST: Costco Wholesale - Healthy April = SSS +5.2% (7.0% Ex. Easter) > 4.5% Model; CA/Traffic/Digital +++ . . . Management Call Back Notes COST 2019-05-08
Model Update - Wayfair & Sprouts Post 1Q19 Update + April Card Data Color = W (+) & SFM (-) 2019-05-07
Discounters + Department Stores - Lowering Estimates & Price Targets For WMT, TGT, KSS, JWN, M, & JCP . . . Waving A Yellow Flag Near-Term 2019-05-07
COST: Costco Wholesale - April SSS Pre-Game = Modeling a 4.5%+ Core Comp, Card Data + Footfall Work > February/March; Gas Margins A Touch Better COST 2019-05-06
FND: Floor & Decor Holdings - When High Expectations Meet Confusion; Not Surprised by The Reaction . . . But Buyers Once the Dust Settles; Stay Calm & Floor On FND 2019-05-03

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