Kohl's (KSS) PT Lowered to $22 at Evercore ISI

Evercore ISI analyst Michael Binetti lowered the price target on Kohl's (NYSE: KSS) to $22.00 (from $24.00) while maintaining a In Line rating.

The analyst comments "1Q SSS & EPS Miss as KSS Tries to Withdraw from Heavy Markdowns. 1Q EPS came in at a loss of -$0.24 vs EVR/Street +$0.07/+$0.05. SSS missed at -4.4%, below EVR/Street at flat/- 0.4%, due largely to an outsized -600bps of headwind from lower markdowns vs excess clearance levels last year. GM expanded +50bp YoY to 39.5% was in line with Cons (slightly above EVR at 39.4%) but SG&A deleveraged more than expected due to negative comps (SG&A rate inflated +110bp YoY to 34.6% vs EVR/Street 35.1/35.8%). Credit Income at $204m was ~in-line with EVR at $205m. We lower our FY24E EPS to $1.82 (Prior $2.82; Guide $1.65 to $1.85)."

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