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In a report published Monday, Goldman Sachs analyst Stephen Grambling initiated coverage on
Burlington StoresBURL with a Neutral rating and $29.00 price target.
In the report, Goldman Sachs noted, “We initiate coverage of Burlington Stores, Inc. (BURL) – a growing off-price retailer amidst a strategic transformation – with a Neutral rating and see 7% upside to our $29, 12-month price target. We are encouraged by management's initial success in narrowing its competitive gap with peers through a nascent comp acceleration, but the shares appear to be factoring in a continuation of the trend at 8.6X EV/EBITDA, roughly in line with a value retail peer group. With upside more limited after the 7.6% run since the first day of trading (vs. S&P +3.1%), we would await a better entry point to potentially become more constructive, all else equal.”
Burlington Stores closed on Friday at $27.17.
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