Telsey Advisory raised the firm’s price target on Kohl’s to $28 from $25 and keeps a Market Perform rating on the shares after a Q4 earnings beat driven by better gross margin leverage. The firm is pleased to see inventory continuing to be well managed and thinks the company’s Babies “R” Us announcement can drive traffic with a whitespace opportunity, but notes that the FY24 outlook “indicates the challenges the department store category is facing” and highlights that “work remains to be done” to reach the company’s long-term targets.
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