Burlington Stores Inc. (BURL) was downgraded to market perform from outperform as analysts warn about the declining financial health of low-income shoppers, a key group for the off-price retailer. Cowen lowered its price target to $175 from $209. Cowen data indicates that 43% of Burlington shoppers receive some form of food stamp assistance, making the group vulnerable heading into the back-to-school shopping season. Burlington stock fell 2.6% in Wednesday premarket trading and is down nearly 47% for the year to date. See: Department stores are at risk from an 'unprecedented' level of excess inventory, analysts say
(END) Dow Jones Newswires
June 22, 2022 07:57 ET (11:57 GMT)
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