Burlington Stores (BURL) PT Lowered to $275 at Wells Fargo Following Results

Wells Fargo analyst Ike Boruchow lowered the price target on Burlington Stores (NYSE: BURL) to $275.00 (from $300.00) while maintaining an Overweight rating following a tough end of the year, resetting the 2022 bar.

The analyst commented, "Unfortunately, despite lowered expectations heading into today, BURL's 4Q print didn't have much good news. A slowdown in traffic that began in late 4Q caused 1) an EPS miss ($2.53 vs. Street's $3.24) on higher markdowns and less leverage and 2) a much more cautious view of 2022 vs. 3 months ago (now planning ~$7.00 in EPS vs. Street's $9.30 heading in). While the buyside was braced for a negative revision, this is much more dramatic than what we believe was expected ($8.50 to $9.00). While management was clear that they are leaving themselves room for upside both on sales plan and margin (not embedding any AUR improvement for the year), this is still a disappointing catalyst."

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