Burlington Stores price target raised to $230 from $185 at TD Cowen

TD Cowen analyst John Kernan raised the firm’s price target on Burlington Stores (BURL) to $230 from $185 and keeps a Market Perform rating on the shares. The firm had been “admittedly cautious” on Burlington’s ability to manage the margin profile on slower same-store sales growth, but management is proving it can move EBIT margin higher on same-store sales growth below mid-single-digits, the analyst tells investors. Burlington is now trading at a premium to Ross Stores (ROST) and TJX (TJX), which saw their valuations contract following Q4 results, and “appears fairly valued,” the analyst added.