Piper Jaffray Reiterates Kohl's Overweight Rating, $62 PT (KSS)

Piper Jaffray reiterated its Kohl's KSS Overweight rating and $62 price target in a research report published today. In the report, Piper Jaffray states, "We are reiterating our Overweight rating and $62 price target as shares of KSS are trading near historically low multiples. Shares are attractively valued given our expectation of 4.5% domestic apparel & accessories growth in 2011 and KSS' ability to expand operating margins despite increasing apparel sourcing costs. In our proprietary pricing analysis, the company has raised apparel prices in 51 of 69 months indicating higher sourcing costs can and will be passed along to customers. We believe KSS is one of the best positioned domestic retailers given a lower sensitivity to margin deterioration and ability to raise price points." Shares of Kohl's were trading at $51.74 at the time of posting, down 0.48% from Thursday's market close.