www.jpmorganmarkets.comNorthAmericaEquityResearch10May2019EquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurEndDatePrevEndDateAbercrombie&FitchANFUS1,975.8428.46Nn/c32.00Dec-1927.00n/cAmericanEagleOutfittersAEOUS4,046.8422.45Nn/c24.00Dec-1922.00n/cBootBarnBOOTUS829.4329.06OWn/c33.00Dec-1928.00n/cBurlingtonStoresBURLUS11,484.19166.51OWn/c174.00Dec-19n/cn/cDillard's,Inc.DDSUS1,857.6867.21UWn/c57.00Dec-19n/cn/cFootLockerFLUS7,478.4056.87Nn/c65.00Dec-1970.00n/cJ.C.PenneyCo.,Inc.JCPUS390.401.28UWn/c——n/cn/cKohl'sCorp.KSSUS16,186.6068.37OWn/c84.00Dec-19n/cn/cLBrands,IncLBUS6,900.2424.25Nn/c24.00Dec-19n/cn/clululemonathleticainc.LULUUS23,551.25173.71OWn/c197.00Dec-19n/cn/cMacy's,Inc.MUS7,082.4022.70Nn/c26.00Dec-19n/cn/cNordstrom,Inc.JWNUS6,742.1239.80UWn/c40.00Dec-1942.00n/cRossStoresROSTUS37,404.2497.01OWn/c97.00Dec-19n/cn/cTheGap,Inc.GPSUS9,817.1424.98UWn/c24.00Dec-1928.00n/cTJXCompaniesTJXUS68,157.1353.84OWn/c58.00Dec-19n/cn/cUrbanOutfittersURBNUS3,100.2628.25Nn/c29.00Dec-19n/cn/cUnderArmour,Inc.UAAUS9,862.2722.12Nn/c23.00Dec-1922.00n/cSource:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof09May19.DeptStores/SpecialtySoftlinesBoss'1QEPSPreview:Fieldwork,BodiesBuried&Buy-SideBarsRetailing–DepartmentStores&SpecialtySoftlinesMatthewR.Boss,CPAAC(1-212)622-2630matthew.boss@jpmorgan.comBloombergJPMABOSSStevenZaccone,CFA(1-212)622-8996steven.zaccone@jpmorgan.comGraceSmalley(1-212)622-4894grace.smalley@jpmorgan.comElliottSimon,CFA(1-212)622-9147elliott.m.simon@jpmorgan.comJ.P.MorganSecuritiesLLCSeepage46foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Into1QearningskickingoffnextweekacrossourDepartmentStores&SpecialtySoftlinesspacewethoughtvalue-add...
