Kohl's shares surge after two banks upgrade the retailer making a comeback

Kohl’s stock rallied in premarket trading Friday after two Wall Street banks upgraded the company’s shares.

Both J.P. Morgan and RBC Capital Markets cited Kohl’s improving same-stores sales (i.e., comp sales) in raising their ratings on the apparel department store.

“We see Kohl’s as a rare large cap ‘value’ idea in consumer with its $75,000 to $80,000 household income core customer demographic and off-mall store fleet well positioned,” J.P. Morgan analyst Matthew Boss wrote to clients. “Kohl’s underlying comp has improved sequentially four straight quarters with operational investments laying the foundation for multi-year low-single-digit…

Read Story