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Morgan Stanley downgraded Kohl's Corporation
KSS from Equal-weight to Underweight and announced a $42.00 price target.
Morgan Stanley analyst Kimberly C Greenberger noted, "We question if KSS can drive the sales to achieve the Street's $4.39 ‘13 EPS given macro headwinds and think EPS at low end of $4.15-$4.45 guidance is more likely. With shares at a ~6% premium to M's ‘13 P/E, valuation looks high, and likely negative EPS revision catalysts carry added downside risk. … We anticipate negative ‘13 Softline retail traffic given a tough economic setup and higher payroll taxes. KSS' high mid-tier consumer exposure makes the dept. store especially vulnerable, in our view. Plus, JCP's '13 sales and coupon re-intro intensifies competitive pressures."
Kohl's Corporation closed at $48.54 on Monday.
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