UPDATE: JP Morgan Cuts PT to $84 on Dillard's on Q4 Miss

JP Morgan maintained Dillard's

with a Neutral rating and lowered the price target from $90.00 to $84.00. JP Morgan commented, "With shares of DDS up 100%+ over the past 18 months today's reaction (down ~10%) to its 4Q EPS print ($2.87 reported or ~$2.71 ex tax benefit vs. Street at $2.90) is not surprising, particularly in light of five consecutive meaningful beats (avg. vs. Street of $0.19) and short interest near a 5-year low into the print (1.9M). That said, fundamentals remain intact with top line (+3.0% SSS) accelerating on a 3-year basis (i.e. 4Q10 inflection point) and gross margin respectable (+35bps core). … Taking a conservative approach, we are reducing our FY13E EPS to $7.00 from $7.20 and lowering our Dec '13 PT to $84 from $90 based on 12.0x P/E." Dillard's closed at $76.92 on Monday.