Piper Sandler upgraded Burlington Stores to Overweight from Neutral with a price target of $240, up from $155. The analyst is are increasingly confident in the company’s 30-0-plus basis point margin expansion opportunity and believes that its market share gains are likely to continue. Department stores have remained highly conservative for first half of 2024 inventory buys, which creates a favorable environment for off-price to take continued share, the analyst tells investors in a research note.
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