Kohl’s price target lowered to $38 from $42 at Guggenheim

Guggenheim analyst Robert Drbul lowered the firm’s price target on Kohl’s to $38 from $42 to reflect a more conservative outlook and keeps a Buy rating on the shares ahead of Kohl’s reporting Q4 results late this month. Ahead of the report, the firm is lowering its FY22 and FY23 EPS estimates to reflect softer sales and significant gross margin pressure due to inventory clearance initiatives.