www.jpmorganmarkets.comNorthAmericaEquityResearch06January2020EquityRatingsandPriceTargetsMktCapRatingPriceTargetCompanyTicker($mn)Price($)CurPrevCurEndDatePrevEndDateAbercrombie&FitchANFUS1,201.6017.38Nn/c19.00Dec-20n/cn/cAmericanEagleOutfittersAEOUS2,504.9114.39Nn/c14.00Dec-20n/cn/cBootBarnBOOTUS1,294.3845.35OWn/c52.00Dec-2049.00n/cFiveBelowFIVEUS7,107.77127.67OWn/c144.00Dec-20n/cn/cJ.C.PenneyCo.,Inc.JCPUS335.501.10UWn/c——n/cn/cKohl'sCorp.KSSUS11,645.7349.19Nn/c46.00Dec-2040.00n/cLBrands,IncLBUS5,366.5418.86Nn/c18.00Dec-20n/cn/clululemonathleticainc.LULUUS30,554.24232.64OWn/c255.00Dec-20231.00n/cMacy's,Inc.MUS5,157.3616.53UWn/c15.00Dec-2013.00n/cNordstrom,Inc.JWNUS6,755.6739.88Nn/c41.00Dec-20n/cn/cOllie'sBargainOutletHoldingsOLLIUS4,005.0861.52OWn/c68.00Dec-20n/cn/cTheGap,Inc.GPSUS6,853.9217.44UWn/c15.00Dec-2014.00n/cUrbanOutfittersURBNUS3,067.3427.95Nn/c27.00Dec-2025.00n/cSource:Companydata,Bloomberg,J.P.Morganestimates.n/c=nochange.Allpricesasof03Jan20.DeptStores/SpecialtySoftlinesBoss’HolidayFieldwork&ICRPreview:ConsumerStrengthw/Favorable1H20SetupRetailing–DepartmentStores&SpecialtySoftlinesMatthewR.Boss,CPAAC(1-212)622-2630matthew.boss@jpmorgan.comBloombergJPMABOSSStevenZaccone,CFA(1-212)622-8996steven.zaccone@jpmorgan.comElliottSimon,CFA(1-212)622-9147elliott.m.simon@jpmorgan.comGraceSmalley,CFA(1-212)622-4894grace.smalley@jpmorgan.comJ.P.MorganSecuritiesLLCSeepage34foranalystcertificationandimportantdisclosures.J.P.Morgandoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Asaresult,investorsshouldbeawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.With~80%of4Qnowinthebooks,wethoughtvalueaddtosharetakeawaysfromourrecentfieldwork/managementaccesstoassessthesetupsintoHolidaypre-announcementsthisweekandtheICRConferencenextweek.Bottomline–ourworkpointstoarobustHoliday’19overallledbycontinuedconsumerstrength(unemploymenta...
