Kohl's Updates Model on Share Repurchase Program

Piper Jaffray has updated its earning forecast on Kohl's KSS following an update on their share repurchase program. Piper Jaffray writes, "Kohl's announced it had signed the agreement and would take an intial delivery of 12.6M shares on 11/18/10 with additional deliveries in December and at the end of the program. Due to the reduction in share count, management issued revised Q4 guidance of $1.56 to $1.64 compared to the prior $1.51 to $1.59. As such, we have reduced our Q4'FY11 and Q1'FY share counts by 9.5M shares in each quarter to account for this announcement. The change raises our Q4E EPS to $1.64 and FY11E EPS to $3.74, but all other estimates remain unchanged." KSS is trading at $53.98.