Dillard’s price target lowered to $380 from $475 at Telsey Advisory

Telsey Advisory analyst Dana Telsey lowered the firm’s price target on Dillard’s to $380 from $475 and keeps a Market Perform rating on the shares. After thirteen periods of “impressive” bottom-line beats, the company recorded an earnings miss, which was driven by increased expenses that pressured margins and continued topline softness, the analyst tells investors. The Q2 miss appears to be a function of the challenging macro-operating environment, pressured consumer, and the challenge of lapping “very difficult” multi-year compares, the firm adds.