Bernstein raised the firm’s price target on Burlington Stores to $218 from $200 and keeps an Outperform rating on the shares. The analyst says 2024 is shaping up to be a year of two halves for U.S. consumer discretionary spending. The firm sees a middle-income “squeeze” and trade-down to off-price in the first half of the year, followed by a second half rally in sportswear and brands driven by easy comparables and rate cuts. Nike (NKE), Burlington Stores (BURL) and TJX (TJX) are its top picks.
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