Bernstein lowered the firm’s price target on Burlington Stores to $190 from $200 and keeps an Outperform rating on the shares following quarterly results. The firm notes the company didn’t beat the comp guide, further lowered it for Q4, and talked about a recovery in FY24 “and beyond.” At this point, the guide is either very conservative or the business is broken, Bernstein says in a research note on Friday.
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