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Bernstein initiated overweight coverage of several retailers it sees as "companies that don't go out of style." Highlighting both off-price retailers as well as apparel and footwear companies, Bernstein issued numerous new price targets on major clothing sellers, a group some investors may be wary of in the wake of Amazon's ascent.
"We initiate coverage with a bullish outlook on apparel, which feels controversial in a time when investors assume Amazon will take over the world," wrote analyst Jamie Merriman.
"Simply, we believe that worries that consumers just don't buy clothing anymore are overdone and that strong brands and a few channel winners are not only investable, but given the current skepticism in the market, are also very attractively valued."
Merriman noted that the rise of e-commerce will favor the biggest brands, and deemed the athletic apparel and footwear categories the winners.
Here are three of Bernstein's overweight picks, complete with analysis and price targets.