Kohl’s price target lowered to $15 from $18 at BofA

BofA analyst Lorraine Hutchinson lowered the firm’s price target on Kohl’s (KSS) to $15 from $18 and keeps an Underperform rating on the shares after management cut FY24 guidance for sales, comps, operating margin, and EPS to reflect continued challenges in the core business and expectations for a highly competitive holiday. The firm also notes that a new CEO was announced and while it thinks Ashley Buchanan’s customer-facing expertise from Michaels should provide value, BofA expects many of Kohl’s core challenges to remain.