J.P. Morgan positive on retailers ahead of results; upgrades Abercrombie & Fitch

Burlington Stores

22/07/2024 13:11

** Shares of apparel retailer Abercrombie & Fitch  ANF.N  rise 3.34% at $163.81 premarket 
    ** J.P. Morgan upgraded ANF to "overweight" from "neutral" on rising apparel demand and
brand momentum building internationally; raises PT to $194 from $167
    ** Brokerage also increased the price targets on Boot Barn  BOOT.N  to $146 from $125 and
Burlington Stores  BURL.N  to $288 from $284 
    ** Brokerage says the second half of 2024 to see a "meaningful increase in penetration of
higher quality brands"
    ** JPM downgraded Savers Value Village to "neutral" from "overweight" as it expects Q2
same-store-sales growth and EPS below consensus with a negative revision to FY24 guidance
        ** ANF and BURL expected to post results in August, BOOT to report results in July -
LSEG
    ** YTD, ANF up ~79%, SVV down ~33%, BOOT up ~56% and BURL up ~26%
    
                      Company      New PT      Old PT    Median PT -LSEG data
 Abercrombie & Fitch  ANF.N          $194        $167                    $193
         Boot Barn  BOOT.N           $146        $125                    $140
 Burlington Stores  BURL.N           $288        $284                    $274
 Savers Value Village  SVV.N          $12         $21                     $22
                                                       
 
    

 (Reporting by Kanchana Chakravarty in Bengaluru)
 ((Kanchana.Chakravarty@thomsonreuters.com))