Off-price retailers have long been one of the industry’s success stories, although mandatory coronavirus-related closures did dent the stocks this year. It is only a matter of time before they regain momentum.
That is according to Telsey Advisory Group’s Dana Telsey, who upgraded Burlington Stores (BURL) and Ross Stores (ROST) to Outperform from Market Perform on Monday. She raised her price target on Burlington by $5, to $235, and on Ross by $11, to $112. She already had an Outperform rating on TJX (TJX), but also boosted her price target on the stock by $4, to $68. “While there remains uncertainty and fluidity created by the COVID-19 pandemic, in some respects we believe a perfect storm may have been created for off-price,” she writes
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