JP Morgan Comments on Hardlines Retailings
Following its holiday store tour, JP Morgan published a research report stating, “Our visits and the recent September sales data suggest that the consumer continues to hold up despite recession fears. PETM and DKS appear the best positioned on our tour heading into this holiday, but TGT is showing signs of life in home while the lift from P-Fresh and 5% Rewards is peaking, BBY appeared cautiously optimistic, and SPLS in the very least seemed to be no worse. Clearly the latter three companies need more of macro help heading into 2012, but so far trends remain encouraging relative to investors' mood."
Companies included in the J.P. Morgan report are: Best Buy (NYSE: BBY), PetSmart (NASDAQ: PETM), Target (NYSE: TGT), Dicks's Sporting Goods (NYSE: DKS), and Staples (NASDAQ: SPLS)
