Burlington Gets Price Target Cuts By Analysts Following Weaker-Than-Expected Q1 Results

Burlington Stores Inc BURL reported weaker-than-expected first-quarter financial results.

Burlington Stores reported first-quarter FY23 sales growth of 11% year-on-year to $2.13 billion, missing the consensus of $2.17 billion. Comparable store sales increased by 4%. Adjusted EPS of $0.84 missed the analyst consensus of $0.92.

Burlington continues to expect FY23 adjusted EPS of $5.50 - $6.00 versus the Street view of $6.07.

Burlington shares fell 3.8% to close at $160.56 on Thursday.

These analysts made changes to their price targets on Burlington Stores following earnings announcement.

• Barclays lowered the price target on Burlington Stores from $221 to $213.. Barclays analyst Adrienne Yih maintained an Overweight rating.
• Bernstein cut the price target on Burlington Stores from $230 to $200. Bernstein analyst Aneesha Sherman maintained an Outperform rating.
• Baird lowered Burlington Stores price target from $270 to $250. Baird analyst Mark Altschwager maintained an Outperform rating.
• Wells Fargo lowered the price target from $275 to $250. Wells Fargo analyst Ike Boruchow maintained Burlington Stores with an Overweight.
• B of A Securities cut the price target from $250 to $240. B of A Securities analyst Lorraine Hutchinson maintained Burlington with a Buy.

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