Morgan Stanley Sees Standout Quarter for Burlington Stores

In a report published Wednesday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Overweight rating and $32.00 price target on

. In the report, Morgan Stanley noted, “BURL beat 1Q expectations and reiterated full year guidance. Gross margin expansion y/y stands out among peers' recent struggles. Improving off-price model execution and debt paydown could deliver earnings upside. 17.5x FY2 P/E looks attractive on our 18% 3-yr EPS CAGR base case. Reiterate OW.” Burlington Stores closed on Tuesday at $29.67.