In a report published Wednesday, Morgan Stanley analyst Kimberly C. Greenberger reiterated an Overweight rating on Burlington Stores BURL, and raised the price target from $38.00 to $47.00.
In the report, Morgan Stanley noted, “5.2% 3Q comps (against 3Q13's 3.9%) beat 3.8% consensus/3% MSe,and places BURL near of thetop of our softline/ department storecoverage universe on both a 1-yr and 2-yr basis (Exhibit 1).While many other retailers struggled with weak 3Q traffic, BURL cited positivetrafficand higher avg basket based upon increased units per transaction. Consumers responded to BURL's new testimonial marketing campaign and enhanced in-storeexperience. GM (+66 bps y/y) outperformed cons by 40 bps, driving the 4c Adj.EPS beat.”
Burlington Stores closed on Tuesday at $43.60.
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