As previously reported, TD Cowen analyst Oliver Chen upgraded Kohl’s (KSS) to Outperform from Market Perform with a price target of $30, up from $23. After meeting with Tom Kingsbury, who was officially appointed Kohl’s CEO in early February and was the former CEO of Burlington Stores (BURL) from 2008 to 2019, the firm sees the executive leveraging his experience to “drive positive change” and make “pragmatic edits to the store.” The firm, which expects new home decor and gifting product, improved fashion execution, a simplified promotional strategy, and store layout revisions to drive “healthier and more consistent traffic,” raised its FY24 estimates on conviction that the new merchandise could add a low-single digit percentage lift to the comp outlook.
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Published first on TheFly
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