- A post-earnings tumble from Dillard's (NYSE:DDS) -- shares fell 14.8% today -- has cost it its last remaining Buy rating from the sell side.
- BofA Merrill Lynch has cut its rating two notches, to Underperform, noting the dissipation of macro tailwinds and continuing cost pressures. Analyst Heather Balsky "can't argue for comp growth anymore" as the company laps more difficult comparisons. The company got out of the quarter with inventory in better shape but with ongoing headwinds in lower shipping revenue and labor costs. (h/t Bloomberg)
- The firm slashed its price target to $55 from $102, implying 12.5% further downside after today's decline.
- Shares are 0.4% lower after hours.
- Previously: Margins squeezed at Dillard's (Nov. 15 2018)
- Previously: Investors bid down retail stocks (Nov. 15 2018)
- Previously: Dillard's misses by $0.28, beats on revenue (Nov. 15 2018)
- Now read: J.C. Penney Company Inc. 2018 Q3 - Results - Earnings Call Slides
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