SPDR S&P Retail (ETF) XRT is up 15 percent from the year’s mid-August nadir, and while Tigress Financial analyst Ivan Feinseth anticipates continued recovery, he awaits more attractive entry points before riding the sector’s rise.
Here are four stocks Feinseth is eyeing:
Nordstrom, Inc. JWN
- Current price: $45.75
- Buy-in range: $41 to $43
- Price target: high $40s
- Thesis: “A take-private transaction will be revisited in the first quarter of next year.”
Macy’s Inc M
- Current price: $24.49
- Buy-in range: $21 to $23
- Price target: high $20s over the holiday season
- Thesis: "A Macy’s/Amazon.com, Inc. AMZN tie-up is possible and would be interesting.”
Target Corporation TGT
- Current price: $61.03
- Buy-in range: below $60
- Price target: high $60s near term and $70s long term
- Thesis: “Target was overly cautious in their forward guidance on [the] recent earnings release.”
Ulta Beauty Inc ULTA
- Current price: $233.16
- Buy-in range: $210 to $220
- Price target: above $250 near term and above $300 long term
- Thesis: Feinseth called Ulta’s recent selloff “an overreaction,” and while he previously recommended buying into the recent sub-$200 valley, he thinks the opportunity has passed and now awaits a fade beneath $220.
Related Links:
Is The Price Right To Buy These 3 Discount Retail Stocks?
Retail Job Losses: Does This Point Toward Protracted Sectoral Weakness?
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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