What I am looking at June 8, 2022
- Target (TGT) price target lowered to $175 from $200 at Barclays — analyst Karen Short says end of visibility for retailers. Bank of America downgrades TGT to hold from buy. Price targets cut at UBS, Raymond James, RBC Capital, Baird. The retail group has gone from darling to despised. But the consumer needs a break given the cost of gasoline, and this is a potential win for the consumer. Citi says Target guidance cut bad news for retail industry, and most bad for Macy's (M), Gap (GPS), Levi Strauss (LEVI), Carter's (CRI), Children's Place (PLCE), Kohl's (KSS), Hanesbrands (HBI).
- Ollie's Bargain Outlet (OLLI)—big number cut and CFO gone. The retailer expects full-year earnings in the range of $1.83 to $1.98, down from $2.15 to $2.22. Comparable store sales growth down 2%.
- Barclays cuts the price targets of all the homebuilders, including D.R. Horton (DHI), KB Home (KBH), calling a peak in the cycle and the inevitable cuts to come.
- Citi pulls Edwards Lifesciences (EW) from it North America Focus List on tough year-over-year compares in the second quarter. The medical device maker had been such a darling.