Dillard’s downgraded to Underweight at JPMorgan on constrained sales growth

As previously reported, JPMorgan analyst Matthew Boss downgraded Dillard’s (DDS) to Underweight from Neutral with a price target of $286, down from $345. While noting that Dillard’s has worked to move its product offering more upscale to focus on the market opportunity between Macy’s (M) and Nordstrom (JWN), the firm sees constrained top-line growth and few levers to buck declining mall traffic trends.