Loop Capital lowered the firm’s price target on Burlington Stores to $195 from $220 and keeps a Buy rating on the shares. The analyst is citing the company’s much improved store checks relative to the firm’s July round and keeps the firm’s FY23 sales estimates unchanged, though also shaving the FY24 sales estimate to be $100M below consensus. The firm adds however that Burlington is carrying better brands and faces easy comparisons y/y for the next two quarters, so “investors could use the volatility” in the stock as a buying opportunity.
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