UPDATE: Citi Upgrades Kohls

In a note date September 17th, Citi analyst, Oliver Chen upgraded shares of Kohl's Corp.

from Neutral to Buy and raised the price target from $63 to $70. Looking forward, Chen commented, "We expect an improved product assortment, loyalty program leverage, and prudent inventory management to drive comp store sales and margins." Chen is optimistic on the release of Juicy and IZOD brands and expects it to bring "newness" to the stores. He is looking for this to help support the lull between back-to-school and the holidays. In addition to the new brands, Chen expects momentum from loyalty programs and the new beauty department to increase as they are rolled out on a broader base. Looking ahead, Chen is predicting an EPS for the third and fourth quarter of $0.88 and $1.77 as well as $4.35 for the full-year.