TD Cowen lowered the firm’s price target on Kohl’s to $28 from $33 and keeps an Outperform rating on the shares. The firm remains impressed by the new CEO who is in the early innings of merchandise upgrades as well as greater inventory agility by strategically reducing buys and buying closer to need. Despite this enthusiasm, consumer headwinds deserve attention, such as elevated gas prices and warmer weather, which may deter traffic.
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