Time to Buy Retail Stocks: Rochdale Analyst
If you didn't invest in retailer stocks before Black Friday, now may be the time to jump in, Rochdale Securities Senior Equity Analyst David Abella told CNBC Monday.
"I think there’s still time to buy some of these retail names," he said. The [Black Friday] numbers were great" and retailers have "been pretty well performing all year, and they had good back to school" sales, too.
Abella said he is "reasonably optimistic" about the sector and does not think retailers sacrificed December sales with their late-November sales push.
Why? Despite persistent high unemployment, "there’s a consumer mindset right now to spend," Abella said, even though "we’re still in a very slow growth part of the economy."
Macy's did very well thanks to its promotions, he said.
He also likes Wal-Mart Stores "defensively... It did have some great sales. I think it’s a good defensive place to be. It has a great valuation and could do well going forward, as the economy improves more."
If you're looking for online retailers, his pick is Amazon.com , while in the luxury segment Nordstrom did well. "Upscale shopping is still the place to be and probably will be for now," he pointed out.
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Disclosure information was not available for David Abella or his company.