Why Kohl's Stock Bounced Back on Tuesday
The news for troubled retailer Kohl's (NYSE: KSS) has been uniformly bad of late. Compounding Friday's announcement from the company that it's cancelling a plan to sell itself, several analysts on Tuesday cut their price targets on the stock. Rather counterintuitively, though, Kohl's shares actually rose on the day, advancing by nearly 3% against a generally flat S&P 500 index.
In a move that was entirely expected following news of the cancellation, three analysts swooped in to reduce their Kohl's price targets. Credit Suisse's Michael Binetti now feels the stock is worth $28 per share, down from $46. Deutsche Bank prognosticator Paul Trussel reduced his level to $37 from the prior $68, and Guggenheim's Robert Drbul cut his to $44 from $68.
Interestingly, none of the three are entirely bearish on Kohl's. In act, Trussell and Drbul both have buy recommendations on it; Binetti rates it a neutral.
Source Fool.com
