Carter’s price target raised to $75 from $70 at Wells Fargo

Wells Fargo analyst Ike Boruchow raised the firm’s price target on Carter’s to $75 from $70 and keeps an Equal Weight rating on the shares. The firm notes the company reported a mixed Q4, with a top-line miss, and while EPS beat, it was fueled by expense cuts. While initial FY24 plan was above Street, it calls for a material “hockey stick” in demand trends which investors will remain skeptical of, says Wells.