www.jpmorganmarkets.comNorthAmericaEquityResearch07January2019EquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurEndDatePrevEndDateAbercrombie&FitchANFUS1,386.4219.97UWn/c19.00Dec-19n/cn/cAmericanEagleOutfittersAEOUS3,455.5819.17Nn/c21.00Dec-19n/cn/cBootBarnBOOTUS520.6118.24OWn/c23.00Dec-1934.00Dec-19FiveBelowFIVEUS6,020.41107.97OWn/c129.00Dec-19n/cn/cLBrands,IncLBUS7,884.7727.71Nn/c29.00Dec-1934.00Dec-19lululemonathleticainc.LULUUS17,428.55128.55OWn/c180.00Dec-19n/cn/cOllie'sBargainOutletHoldingsOLLIUS4,508.3169.25OWn/c87.00Dec-19n/cn/cTheGap,Inc.GPSUS9,982.2025.40UWn/c24.00Dec-1925.00Dec-19UrbanOutfittersURBNUS3,543.6232.29NOW38.00Dec-1950.00Dec-19Source:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof04Jan19.DeptStores/SpecialtySoftlinesBoss’FieldworkFindings&ICRPreview;DowngradeURBNToNeutralRetailing/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.comAaronTGrey,CFA,CPA(1-212)622-4967aaron.t.grey@jpmorgan.comJ.P.MorganSecuritiesLLCSeepage26foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.Aheadofnextweek’sICRExchangeConferenceinOrlando–wethoughtvalue-addtoprovidetakeawaysfromourlatestfieldwork/managementaccessandlayoutmarketexpectations(i.e.buy-sidebars)toassessthesetupsintotheHolidaypre-announcements.(1)SpecialtySoftlines:(i)PotentialSSS/EPSUpsidevs.Street:OW-RatedLULU/OW-RatedBOOT.(ii)ModelingMore/lessIn-Linew/Street:NeutralratedAEO/UW-RatedANF.(iii)PotentialSSS/EPSRiskVersusStreet:Neutral-ratedURBN(downgradingfromOverweight),andUW-ratedGPS.(2)Discounters:seeupsidet...
