Burlington Stores price target raised to $340 from $315 at Evercore ISI

Evercore ISI raised the firm’s price target on Burlington Stores (BURL) to $340 from $315 and keeps an Outperform rating on the shares. Even with outsized weather exposure, Burlington stayed within same-store sales guidance and managed the P&L well despite what the firm thinks was “the biggest intra-quarter peak-to-trough SSS deceleration the Offpricers have seen in years” in Q3. While weather was slightly worse than expected in Q3, the firm sees no change to the long-term story and doesn’t think comps in a quarter with severe weather headwinds are “a true indicator of the progress being made to sustain competitive Offprice comps and with relatively strong margin performance,” the analyst tells investors.